The auditors of two FTSE 350 airlines cannot confirm whether the companies will be able to continue operating for the foreseeable future due to uncertainty created by the global pandemic. EY and PwC highlighted the unpredictability of the future operations of … Continue reading
Category Archives: Going Concerns
Going Concerns – A Twenty-Year Review
In our latest report, Going Concerns: A Twenty- Year Review, we examine the trends and statistics of going concerns (opinions qualified by an uncertainty regarding the going concern assumption) filed with the Securities and Exchange Commission since 2000. Leveraging the Audit … Continue reading
Accountancy Europe Makes Recommendations to Strengthen Going Concern Reporting
In the past few years, the EU has been hit with several high-profile corporate failures and collapses: Carillion, Thomas Cook, Patisserie Valerie. Corporate failure affects not only the related shareholders, but also the confidence the public has in the sustainability … Continue reading
Audit Opinion Types Available in Our Europe Database
The audit opinion is particularly important to stakeholders, as it provides insight into whether the financial statements are true and reliable for decision making. When an opinion is issued, auditors generally include an explanation for their decision. Because most opinions … Continue reading
Going Concern Modifications Issued to Large European Companies Amid Pandemic
Going concern modifications have been more common during the COVID-19 pandemic than in recent years. The number of large companies worldwide whose future is uncertain has been staggering, but not surprising due to the lockdowns and other difficulties the pandemic has … Continue reading
COVID-19 Impacts on European Audit Opinions
This post will be updated to reflect the current number of European audit opinions citing the COVID-19 pandemic in a going concern opinion, key audit matter, or emphasis of matter. Overall Statistics As of the week ended 13 November 2020, … Continue reading
Audit Opinions with Going Concern Modification Referencing COVID-19
As of July 13 2020, there have been 42 audit opinions for SEC-registered public companies that have cited the COVID-19 pandemic as a contributing factor to substantial doubt about a company’s ability to continue as a going concern for the … Continue reading