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FAR Practice Note - Auditors’ Going Concern Decisions: Insights from Practice

This practice note provides initial insights from an interview study that investigates audit professionals’ decision-making processes regarding their clients’ ability to continue as a going concern. We find that these decisions involve the activation of a range of different actors that the engagement leader needs to manage and coordinate. Specifically, auditors need to recognize going concern as a relevant issue (Phase 1). They then need to negotiate the involvement of their firm’s national office and restructuring specialists (Phase 2). As they conduct the going concern assessment, they mobilize a range of internal and external actors to negotiate management disclosures and the inclusion (or not) of a going concern paragraph in their audit opinion (Phase 3).


Dr. Dominic Detzen

I am an associate professor of accounting, having joined the VU in 2013. After successfully completing the tenure-track, I was promoted to my current position in 2018. I earned my PhD in 2013 from HHL Leipzig Graduate School of Management in Leipzig, Germany.

Prof. dr. Marshall Geiger

Marshall A. Geiger, Ph.D., CPA, is the CSX Chair in Management and Accounting and Professor of Accounting at the Robins School of Business, University of Richmond. Marshall has also been an honorary Professor of the Faculty of Business and Law at Deakin University in Australia.  He graduated from Penn State University in 1988 with his Ph.D. in accounting and has published over 75 articles, a research monograph, and a Chapter in a research reference book on numerous topics in accounting, auditing and accounting education. Marshall has been recognized as the most prolific accounting scholar among all accounting Ph.Ds graduating worldwide in 1988. He is a past Editor at Auditing: A Journal of Practice & Theory, and former Associate Editor at Accounting Horizons and holds appointments on five editorial review boards of scholarly journals in the US and internationally. Marshall has delivered over 60 educational and research seminars and programs on a broad range of topics in accounting and auditing to a wide range of participants, including audit practitioners, entrepreneurs, academics, lawyers and standard-setters.

Prof. dr. Anna Gold

Anna Gold is Professor of Auditing at Vrije Universiteit Amsterdam and Adjunct Professor at Norwegian School of Economics (NHH). She earned her PhD at the University of Amsterdam. Her research interests are in the judgment and decision-making area, primarily applied to the field of auditing. Her research has focused on the impact of regulatory changes (e.g., fraud consultation, audit firm rotation, and auditor reporting standard changes) on judgments and decisions of auditors, preparers, and financial statement users. She has also examined how auditors and audit firms manage errors and whether varying the error management climate affects auditors’ error reporting willingness and learning. Her current work focuses on how auditors use specialist advice, the communication between auditors and audit committees, and auditors’ use of audit technology. 

She has published her research in outlets such as The Accounting ReviewContemporary Accounting ResearchAuditing: A Journal of Practice & TheoryAccounting Horizons, Journal of Business Ethics, and International Journal of AuditingProfessor Gold currently serves as editor at The Accounting Review (2020-2023) and Maandblad voor Accountancy en Bedrijfseconomie (since 2018). She is a member of the editorial board of Auditing: A Journal of Practice and Theory.

Prof. dr. Philip Wallage

Professor of Auditing at VU University Amsterdam and University of Amsterdam

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