Article2011

Audit Reports in Australia during the Global Financial Crisis

Yang Xu · Alicia Jiang · NEIL L. FARGHER · Elizabeth Carson

71 citations0/0 files storedAustralian Accounting Review

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Auditing, Earnings Management, Governance Financial Distress and Bankruptcy Prediction Corporate Governance and Financial Management

Abstract

The Global Financial Crisis reduced economic growth, impacted equity and credit markets, and increased business risk. To the extent that this increased risk translates into greater uncertainty of companies’ ability to continue as going concerns, this should be reflected in audit reports. This paper investigates how the crisis impacted auditor reporting in Australia by examining the period 2005–2009. It finds that the main reason for audit report modification is going concern and that modification rates increased from 12% in 2005–2007 to 18% in 2008 and 22% in 2009. Serious audit report qualification rates remain around 3%.

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References

2009Financial crisis and the silence of the auditors 2008Changes in the Audit Environment and Auditors’ Propensity to Issue Going-Concern Opinions 2006Australian Accounting Standards 2008Costs Associated With Going‐Concern‐Modified Audit Opinions: An Analysis of the Australian Audit Market 2009Rules Rather Than Discretion in Audit Standards: Going-Concenr Opinions in Belgium

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2015Effect of audit quality and accounting and finance backgrounds of audit committee members on firms’ compliance with IFRS for goodwill impairment testing 2015Mandatory Audit Firm Rotation and Audit Quality 2016Does auditor gender affect issuing going‐concern decisions for financially distressed clients?2013Value relevance of earnings and cash flows during the global financial crisis 2018Explaining the causes of business failure using audit report disclosures 2017Client pressure and auditor independence: Evidence from the “Great Recession” of 2007–2009 2017Audit quality during the global financial crisis: The investors’ perspective 2012A Review of the Role of Financial Reporting in the Global Financial Crisis

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