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Going Concern after the Global Downturn

Author

Listed:
  • Ristea Luminiþa

    („Spiru Haret” University)

  • Trandafir Adina

    („Spiru Haret” University)

Abstract

One of the fundamental accounting concepts which underlie the annual financial statements of companies all around the world is “the going concern principle”. This paper presents “going concern” as a major risk assigned to the business environment starting with 2008 during the economic downturn from the auditor’s perspective. Positive features can be viewed at the horizon after the crisis including the major improvements in auditor’s approach when dealing with “going concern assumption” in connection with going concern risk. These aspects are going to be detailed in this study including the additional assurance and tests of the auditors in dealing with management assertions in respect of going concern versus professional judgment and skepticism.

Suggested Citation

  • Ristea Luminiþa & Trandafir Adina, 2011. "Going Concern after the Global Downturn," Ovidius University Annals, Economic Sciences Series, Ovidius University of Constantza, Faculty of Economic Sciences, vol. 0(1), pages 1812-1817, May.
    • Handle: RePEc:ovi:oviste:v:11:y:2011:i:1:p:1812-1817
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    More about this item

    Keywords

    going concern principle; global downturn; reasonable evidence; Clarity Project; material uncertainties; adequate disclosures;
    All these keywords.

    JEL classification:

    • M42 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Auditing

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