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The CPA Journal

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In 1981, the AICPA addressed the issue of going concern status through SAS 34, The Auditor's Considerations When a Question Arises About an Entity's Continued Existence. In 1988, the AICPA issued SAS 59, The Auditor's Consideration of an Entity's Ability to Continue as a Going Concern, which remains the authoritative guidance. To determine if additional guidance on the topic of going concern is provided by accounting organizations, the authors contacted the AICPA and the state CPA societies. The authors found that none of these organizations provide additional literature or guidance in this area. Several individuals have criticized the current literature and called for additional guidance in the area of going concern. The authors believe that the Commission on Auditors' Responsibilities' recommendations for improving and specifying the responsibilities of independent auditors should be revisited and the going concern opinion should be eliminated. Considering that litigation is not a serious threat, one can see that eliminating the going concern opinion is the favorable option.


Published version. The CPA Journal, Vol. 76, No. 1 (January 2006): 16-21. Permalink. Reprinted from The CPA Journal, January 2006, © 2006, with permission from the New York State Society of Certified Public Accountants.

The author of this document, Jodi L. Gissel, published under the name Jodi L. Bellovary at the time of publication.

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