Audit Reporting for Going-Concern Uncertainty: A Research Synthesis

Carson, Elizabeth; Fargher, Neil L.; Geiger, Marshall A.; Lennox, Clive S.; Raghunandan,  K.; Willekens, Marleen

doi:10.2308/ajpt-50324

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other| May 01 2013

Audit Reporting for Going-Concern Uncertainty: A Research Synthesis

Elizabeth Carson;

Elizabeth Carson

Elizabeth Carson is an Associate Professor at The University of New South Wales, Neil L. Fargher is a Professor at The Australian National University, Marshall A. Geiger is a Professor at the University of Richmond and an Academic Fellow at the SEC, Clive S. Lennox is a Professor at Nanyang Technology University, K. Raghunandan is a Professor at Florida International University, and Marleen Willekens is a Professor at Katholieke Universiteit Leuven.

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Neil L. Fargher;

Neil L. Fargher

Elizabeth Carson is an Associate Professor at The University of New South Wales, Neil L. Fargher is a Professor at The Australian National University, Marshall A. Geiger is a Professor at the University of Richmond and an Academic Fellow at the SEC, Clive S. Lennox is a Professor at Nanyang Technology University, K. Raghunandan is a Professor at Florida International University, and Marleen Willekens is a Professor at Katholieke Universiteit Leuven.

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Marshall A. Geiger;

Marshall A. Geiger

Elizabeth Carson is an Associate Professor at The University of New South Wales, Neil L. Fargher is a Professor at The Australian National University, Marshall A. Geiger is a Professor at the University of Richmond and an Academic Fellow at the SEC, Clive S. Lennox is a Professor at Nanyang Technology University, K. Raghunandan is a Professor at Florida International University, and Marleen Willekens is a Professor at Katholieke Universiteit Leuven.

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Clive S. Lennox;

Clive S. Lennox

Elizabeth Carson is an Associate Professor at The University of New South Wales, Neil L. Fargher is a Professor at The Australian National University, Marshall A. Geiger is a Professor at the University of Richmond and an Academic Fellow at the SEC, Clive S. Lennox is a Professor at Nanyang Technology University, K. Raghunandan is a Professor at Florida International University, and Marleen Willekens is a Professor at Katholieke Universiteit Leuven.

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K. Raghunandan;

K. Raghunandan

Elizabeth Carson is an Associate Professor at The University of New South Wales, Neil L. Fargher is a Professor at The Australian National University, Marshall A. Geiger is a Professor at the University of Richmond and an Academic Fellow at the SEC, Clive S. Lennox is a Professor at Nanyang Technology University, K. Raghunandan is a Professor at Florida International University, and Marleen Willekens is a Professor at Katholieke Universiteit Leuven.

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Marleen Willekens

Elizabeth Carson is an Associate Professor at The University of New South Wales, Neil L. Fargher is a Professor at The Australian National University, Marshall A. Geiger is a Professor at the University of Richmond and an Academic Fellow at the SEC, Clive S. Lennox is a Professor at Nanyang Technology University, K. Raghunandan is a Professor at Florida International University, and Marleen Willekens is a Professor at Katholieke Universiteit Leuven.

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Author & Article Information

We greatly appreciate the research assistance of Afsana Hassan, Christophe Van Linden, Ashna R. Prasad, Qingxin Ye, and Qiang Wei. We thank Bill Read for the helpful provision of data.

The Securities and Exchange Commission, as a matter of policy, disclaims responsibility for any private publication or statement by any of its employees. The views expressed herein are those of Marshall A. Geiger and do not necessarily reflect the views of the Commission or of the authors' colleagues upon the staff of the Commission.

To facilitate the development of auditing and other professional standards and to inform regulators of insights from the academic auditing literature, the Auditing Section of the American Accounting Association (AAA) decided to develop a series of literature syntheses for the Public Company Accounting Oversight Board (PCAOB). This paper (article) is authored by one of the research synthesis teams formed by the Auditing Section under this program. The views expressed in this paper are those of the authors and do not reflect an official position of the AAA or the Auditing Section. In addition, while discussions with the PCAOB staff helped us identify the issues that are most relevant to setting auditing and other professional standards, the author team was not selected or managed by the PCAOB, and the resulting paper expresses our views (the views of the authors), which may or may not correspond to views held by the PCAOB and its staff.

Editor's note: Accepted by Jeffery R. Cohen.

Online ISSN: 1558-7991

Print ISSN: 0278-0380

2013

AUDITING: A Journal of Practice & Theory (2013) 32 (Supplement 1): 353–384.

https://doi.org/10.2308/ajpt-50324

SUMMARY

In this synthesis we review research on going-concern modified audit opinions (GCOs) and develop a framework to categorize this research. We identify three major areas of research: (1) determinants of GCOs that include client factors, auditor factors, auditor-client relationships, and other environmental factors; (2) accuracy of GCOs; and (3) consequences arising from GCOs. We identify method-related considerations for researchers working in the area and identify future research opportunities.

2013

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Audit Reporting for Going-Concern Uncertainty: A Research Synthesis

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