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All the alternative types of corporate financial distress entail risks and uncertainties. A company’s ability to continue as a going concern must then be assessed in time and in a proper fashion. In the US, going concern assessment has traditionally been the auditors’ responsibility, but investors have complained that by the time auditors make the assessment, a failing business is already on the verge of bankruptcy. For this reason, US interested parties have expressed a need for accounting literature that clarifies that an entity has the primary responsibility for assessing its own ability to continue as a going concern. The chapter analyses a sample of US distressed companies to examine the timeliness of going concern decisions and examines the content evolutions of US accounting and auditing standards.
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- Going Concern Evaluation in the US Context: The Respective Roles of Auditors and Managers
- Chapter 3
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