This article discusses recently altered mandates for auditors considering an entity's ability to continue as a going concern. The authors evaluate the appropriateness of these standards in engagements involving family firms and conclude that existing procedures are inadequate to assess the risks unique to family businesses. A detailed checklist of questions is proposed as warning signals in family businesses about problems affecting the going-concern status.
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Document Type: Research Article
Part-time instructor in the Accounting Department, Oregon State University.
Director of the Family Business Program and professor of accounting, Oregon State University.
Publication date: March 1, 1992