RSM Bird Cameron finds 15 per cent of audit reports lodged with the ASX include going concern related issues

RSM_Bird_Cameron_Logo@2xSeptember 25, 2012RSM Bird Cameron, one of the largest mid-tier accounting firms in Australia, has released its Audit Report following the completion of the 2011 reporting season. The analysis included 1042 listed companies, which accounts for 52 per cent of ASX listed companies, covering balance dates from June 2011 to May 2012. The analysis shows that 15 per cent of these audit reports included a going concern emphasis of matter paragraph.

Jason Croall, partner at RSM Bird Cameron, said, “RSM Bird Cameron wanted to find out what percentage of audit reports were impacted by going concern related issues.

“The analysis showed a significant increase from a similar audit report study conducted by RSM Bird Cameron in 2008, which could be an indication of potentially higher failure rates for companies and/or auditors being more conservative.”

In 2008, 315 companies were sampled, representing 17 per cent of ASX listed entities, and 6 per cent of audit reports lodged included a going concern emphasis of matter paragraph.
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