Audit report and going concern assumption in the face of corporate scandals in nigeria

Research Journal of Finance and Accounting
ISSN 2222-1697 (Paper) ISSN 2222-2847 (Online)
Vol.4, No.13, 2013

www.iiste.org

Audit Report and Going Concern Assumption in the Face of
Corporate Scandals in Nigeria
Dr. A.O. Enofe, Dr. C. Mgbame, Sunday Otuya* & Christopher Ovie
Department of Accounting, University of Benin, Benin City.
Email of corresponding author: otuyasun@yahoo.com
Abstract
The study examined the issue of audit reporting and going concern in the face of corporate scandals in Nigeria.
We adopted the survey research design. An instrument containing 20 items was designed using the 5-point Likert
scales ranging from strongly agree (5) to strongly disagree (1). A total of 60 samples were drawn from the target
population using the simple random sampling technique. Out of the 60 questionnaires administered, 44 were
returned upon which the analysis was based. Data analysis was carried out with the aid of SPSS (Statistical
Package for Social Sciences). The Chi-square statistical technique was used to test the hypotheses at 5% alpha
level. It was found that there are differences in going concern reporting among independent auditors. We also
found out using the data analyzed that there is a significant relationship between going concern reporting and
corporate failures. The study recommended based on these findings, that all involved in the preparation and audit
of financial statement must pay careful attention to going concern assumptions.
Keywords: Audit Report, Going concern assumption, corporate failure
1.0
Background to the Study
The going concern assumption is a fundamental principle in the preparation of financial statements. Under the
going concern assumption, an entity is ordinarily viewed as continuing in business for the foreseeable future with
neither the intention nor the necessity of liquidation, ceasing trading or seeking protection from creditors
pursuant to laws or regulations (Nogler, 2008). Accordingly, unless the going concern assumption is
inappropriate in the circumstances of the entity, assets and liabilities are recorded on the basis that the entity will
be able to realize its assets, discharge its liabilities, and obtain refinancing (if necessary) in the normal course of
business.
The decision as to what type of audit report to issue to a client requires professional
judgment by the auditor. Nowhere is this more clearly illustrated than in the auditor’s decision to issue an
opinion modified for going-concern uncertainty to a financially distressed client. Issuing an opinion modified for
going-concern uncertainty can be costly for the client as it can restrict access to funding sources, adversely
impact the company’s stock market valuation, and can even hasten the company’s ultimate failure. Therefore,
not surprisingly, clients typically do not like to receive any report other than a standard, unmodified audit report.
Issuing an opinion modified for going-concern uncertainty can also be costly for the auditor because a
disgruntled client that receives what is perceived to be an unwarranted going-concern modification is much more
likely to switch to a different auditor resulting in a loss of revenues from both auditing and non-audit services.
(Adeyemi & Uadiale, 2011). On the other hand, shareholders, lenders, creditors, regulators and other users of
the financial statements rely on the auditor to give timely warning of impending corporate failure. The
assessment of an entity’s ability to continue as a going concern is the responsibility of the entity’s management;
and the appropriateness of management’s use of the going concern assumption is a matter for the auditor to consider on every audit engagement. Some financial reporting frameworks contain an explicit requirement for
management to make a specific assessment of the entity’s ability to continue as a going concern, and standards
regarding matters to be considered and disclosures to be made in connection with going concern.(ICAN,2006).
In assessing whether the going concern assumption is appropriate, management takes into account all available
information about the future, which is at least, but is not limited to, twelve months from the balance sheet date.
The degree of consideration depends on the facts in each case. When an entity has a history of profitable
operations and ready access to financial resources, a conclusion that the going concern basis of accounting is
appropriate may be reached without detailed analysis. In other cases, management may need to consider a wide
range of factors relating to current and expected profitability, debt repayment schedules and potential sources of
replacement financing before it can satisfy itself that the going concern basis is appropriate.
The current global financial crisis has resulted in a significant increase in company failures and has generated
renewed interest in auditor reporting on financially troubled clients. In the last few years, many corporate
reporting scandals in Nigeria have shaken investors’ confidence and brought the question of auditor’s report as it
relates to the going concern assumption to the furore. Some of the recent corporate scandals in Nigeria with
going concern issues include: Afribank Nigeria Plc, Oceanic Bank International plc, and Cadbury Nigeria Plc.
(Adeyemi and Udiale, 2011)

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According to Akpotu and Israel (2013), the magnitude of these events has focused public attention on the
accounting profession as never before, and has increased the pressure to ensure that universally high standards of
accounting practice are in place everywhere.
At Cadbury Nigeria Plc, the financial statements were falsified until December 12, 2006, when the Managing
director and the financial director were suspended for cooking and window dressing the books of account of the
company. These financial books padding scandal and corruption lasted for three years where the company’s
financial position was overstated to the tune of between N13 and N15 billion and if this is to be corrected, it will
lead to an operating loss of N1 to N2 billion Naira. This can be seen as the Nigerian version of Enron
corporation scandal in the United States. In the same view, at Afribank Nigeria Plc, the former Managing
Director accused the Board of Directors of colluding with its external auditors to window dress the books of
accounts for some time. At former Oceanic Bank, corporate reporting failure and arrest of the Chief executive as
are result of fraudulent financial reporting has led to the takeover of the bank by Ecobank (Akpotu &
Israel,2013 ;Akenbo & Ibanichuka, 2012; Nwaogu, 2006; Ossisioma & Enahoro, 2006)
Indeed, under the auditing standards published by the Institute of Chartered Accountants of Nigeria (ICAN) the
fact that a company goes under within a year of receiving a clean auditors opinion does not in itself, indicate
inadequate performance by the auditor. Further, that the absence of a going-concern clause “should not be
viewed as providing assurance as to an entity’s ability to continue as a going concern (ICAN, 2006; Olabiyi,
2006). These two points over the years appear to have been lost on many stakeholders. The standards place
responsibility on auditors to identify trends—recurring operating losses or negative operating cash flow, for
instance, that may raise substantial doubts about a company’s ability to survive until its next fiscal year. And
when doubts surface, auditors are supposed to consider management’s plans to mitigate the doubts.
1.1 Statement of the Problem
Recently the number of distressed companies filing for reorganization and bankruptcy has significantly increased.
Auditors and all stakeholders in businesses are aware of the very severe worldwide economic crisis. In other
words, there is concern about auditors’ awareness of matters relating to the consideration of applying the goingconcern assumption when preparing financial statements. Furthermore, businesses are faced with the challenge
of evaluating the effect of the credit crisis and economic downturn on the entity’s ability to continue as a going
concern. Questions have been raised as to whether such effects on the entity ought to be described or otherwise
reflected in the financial statements.
The statement of problem is that the audit reporting among auditing firms has not been able to adequately
highlight the going concern of corporate organizations in Nigeria. This study seeks to examine how audit
reporting and going concern assumption has affected corporate collapse in Nigeria.
1.2 Research Questions
1. To what extent does going concern reporting among auditing firms differ?
2. To what extent has collapse of companies’ highlighted problems with reporting on going concern?
1.3 Objectives of the Study
In line with the research questions, the objectives of this study are to:
(i) Determine if there are differences in reporting of going concern concept in analysis of a company
annual report.
(ii) Ascertain to what extent the collapse of companies has highlighted problems with reporting going
concern
1.4 Research Hypothesis
The following hypotheses will be tested in the course of this research study:
Ho1: There exists no significant difference in going concern reporting among auditing firms.
Ho2: There is no relationship between going concern reporting and corporate scandals.
2.0 Literature Review
Studies on the going concern principle are numerous and widespread (Adela, 2010; Enyi, Ifurueze & Enyi, 2012;
Fellingham & Newman, 1989; Best, Buckby & Tan, 2001; Adeyemi & Uadiale, 2011; Nogler, 2008). The
specialized literature offers multiple general well-documented descriptive or much practical approaches of this
accounting-audit phenomenon. Research on going concern reveals studies with different topics or hypotheses –
bankruptcy and auditor going concern, modification judgments and accounting regulation, the role of the goingconcern opinion in valuing companies’ stocks, empirical analysis, models and financial ratios to identify the
probability of going concern. (Carson, Fargher, Geiger, Lennox, Raghunandan & Willenkens, 2012)
Companies are required to prepare financial statements on a going-concern basis unless a plan of liquidation has
been approved by the entity’s owners or the plan to liquidate is being imposed by other forces and it is very
unlikely that the entity will remain a going-concern in the future (Akpotu & Israel, 2013). From the legal
requirements point of view, accounting approaches of the going concern principle dates back to 1975, when

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International Accounting Standard IAS 1 Disclosure of Accounting Policies (the present Presentation of
Financial Statements) described the going concern principle. In compliance with the paragraph 25 of IAS 1, an
entity preparing IFRS financial statements is presumed to be a going concern. If management has significant
concerns about the entity's ability to continue as a going concern, the uncertainties must be disclosed. If
management concludes that the entity is not a going concern, the financial statements should not be prepared on
a going concern basis, in which case IAS 1 requires a series of disclosures (IAS 1, par. 25), (Carson, Fargher,
Geiger, Lennox, Raghunandan & Willenkens, 2012).
Adela (2010) asserts that for the periods beginning on or after December 15, 2009, the going concern is based on
statement of the International Standard on Auditing ISA 570 Going concern. According to this regulation, the
auditor’s responsibility is to obtain sufficient appropriate audit evidence about the appropriateness of
management’s use of the going concern assumption in the preparation of the financial statements and to
conclude whether there is a material uncertainty about the entity’s ability to continue as a going concern.
Arguing further, Adeyemi & Uadiale(2011), maintain that auditors need to obtain sufficient appropriate audit
evidence regarding the appropriateness of management’s use of the going concern assumption in the preparation
of the financial statements before concluding, based on the audit evidence obtained, whether a material
uncertainty exists related to events or conditions that may cast significant doubt on the entity’s ability to continue
as a going concern.
In reality, the unqualified opinion is wrongly seen as a certification that the firm or enterprise is solvent, liquid
and has the capacity to adapt to the dynamics of the environment. Any subsequent failure of business resulting
from management misjudgment, fraudulent practice, economic instability, inconsistency in micro and
macroeconomic policies etc are viewed as failures of auditors (Adeniji, 2004).
2.1 The audit procedures in going concern review
ISA 570 requires auditors to review the management’s going concern assumption. The management’s going
concern assumption period coincide with the period for auditor’s judgment. Best, Buckby & Tan (2001) opine
that auditors shall cover the same period as that used by management to make its assessment as required by the
applicable financial reporting framework, or by law or regulation if it specifies a longer period. If management’s
assessment of the entity’s ability to continue as a going concern covers less than twelve months from the date of
the financial statements, the auditor shall request management to extend its assessment period to at least twelve
months from that date.
For the auditor professional judgment, the going concern principle is not a simply test of a balance sheet.
According to Mgbame, Erhaghe & Osazuwa (2012), the auditor shall obtain sufficient appropriate audit evidence
to determine whether or not a material uncertainty exists through performing additional audit procedures,
including consideration of mitigating factors. Nogler (2008) list the procedures to include:
a) Where management has not yet performed an assessment of the entity’s ability to
continue as a going concern, requesting management to make its assessment.
b) Evaluating management’s plans for future actions in relation to its going concern
assessment, whether the outcome of these plans is likely to improve the situation and whether managements’
plans are feasible in the circumstances.
c) Where the entity has prepared a cash flow forecast, and analysis of the forecast is a
significant factor in considering the future outcome of events or conditions in the evaluation of management’s
plans for future action: Evaluating the reliability of the underlying data generated to prepare the forecast; and
Determining whether there is adequate support for the assumptions underlying the forecast.
d) Considering whether any additional facts or information have become available since the date on which
management made its assessment.
e) Requesting written representations from management and, where appropriate, those
charged with governance, regarding their plans for future action and the feasibility of these plans.
2.2 Going Concern Assumptions.
Auditors cannot be considered a prophet – they do not predict future events or developments. But the auditors
shall consider whether there are events or conditions that may cast significant doubt on the entity’s ability to
continue as a going concern (Olabiyi, 2006). After auditors identify events or conditions which may affect the
going concern assumption, they have to analyze the impact on the company. This listing is not all-inclusive nor
does the existence of one or more of the items always signify that a material uncertainty exists. The significance
of such events or conditions often can be mitigated by other factors (Akpotu & Israel, 2013). For example, the
effect of an entity being unable to make its normal debt repayments may be counter-balanced by management’s
plans to maintain adequate cash flows by alternative means, such as by disposing of assets, rescheduling loan
repayments, or obtaining additional capital.

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3.0 Methodology
The study adopted the survey research design and data were drawn from primary sources. The primary data were
elicited from respondents drawn from auditing firms in main cities of Rivers, Delta and Edo states using the
simple random and convenience sampling technique from ICAN register of members in the areas. A sample size
of 100 respondents was used and a total of 100 questionnaires were distributed. However, we were only able to
retrieve 44 of the completed questionnaires due to time constraint. We analyzed the data collected using the
SPSS version 15.0 and used the chi-square to test the hypotheses formulated at 5% level of significance. With a
view to harvesting information from respondents, a self-developed questionnaire designed using the 5-point
Likert scales ranging from strongly agree (5) to strongly disagree (1) was deployed. The instrument has 20 items.
4.0 Results
Table 1: Descriptive Statistics of Primary Data
SN VARIABLE HIGHLIGHTED IN N
QUESTIONNAIRE
1
2

3

4

5

6

7

8
9
10

11
12

13

14

15

SA

A

UN

D

SD

MIS

STD

44

5
7
15.9%
3
6.8%

4
29
65.9%
25
56.8%

3
6
13.6%
8
18.2%

2
1
2.3%
5
11.4%

1
1
2.3%
3
6.8%

3.91

.77

3.45

1.02

44

10
22.7%

11
25.0%

3
6.8%

14
31.8%

6
13.8%

3.11

1.43

6
13.6%

31
70.5%

4
9.1%

2
4.5%

1
2.3%

3.89

.78

8
18.2%

19
43.2%

11
25%

3
6.8%

3
6.8%

3.59

1.09

44

10
23.3%

17
39.5%

10
23.3%

6
14.%

1
2.3%

3.63

1.05

44

8
18.2%

30
68.2%

5
11.4%

1
2.3%

0

4.02

.63

44

13
29.5%
6
13.6%
14
36.4%

23
52.3%
20
45.5%
20
46.6%

8
18.2%
12
27.3%
0

0

0

4.11

.69

3
6.8%
3
6.8%

3
6.8%
3
6.8%

3.52

1.05

4.34

.53

16
36.4%
13
30.2%

25
56%
24
55.8%

1
2.3%
2
4.6%

1
2.3%
4
9.3%

1
2.3%
1
2.3%

4.23

.80

4.07

.86

Accounting concept of Going Concern
is important in analysis of a comapny
Corporate failures have highlighted
problems with reporting going
concern
Responsibility to report on whether an
entity will continue as a going concern
lies with management
Responsibility to report on whether an
lies with independent auditors
Auditors report should identify the
basis and reasons for concluding that
the entity may not be able to continue
as a going concern
The time period to assess whether an
should be more than twelve months
from date of financial statement
Going concern disclosures should be
reported in other non-accounting
report
The size of audit firm impacts on the
going concern reporting
There are differences in going concern
reporting among audit firms
Modified audit reports relating to
going concern issues are indication of
audit quality
Auditors independence reflects on
going concern reporting
Going concern reporting helps in
preventing corporate scandal

44

Going concern reporting enhances
quality
of
financial
statement
relevance and reliability
Going concern assumption is a
concept that has not been taken
serious by most audit firms
Stakeholders do not bother about the
going concern reporting of corporate

44

7
16.3%

20
46.5%

11
23.3%

4
9.3%

2
4.6%

3.60

1.03

44

16
37.2%

19
44,2%

2
4.6%

5
11.6%

1
2.3%

4.02

1.06

44

6
13.6%

22
50.%

12
27.3%

4
9.1%

0

3.68

.83

44

44

44
44

44
44

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entities
2
2
3.74 1.01
Contemporary audit reports do not 44
8
22
6
4.6%
provide sufficient information about
19%
50%
14.3% 4.6%
going concern of companies
17
Disclosures of going concern concept 44
6
22
12
2
2
3.68 .83
is critical to investors decision making
14.3% 50%
27.3% 4.6%
4.6%
18
Awareness of going concern by 44
4
22
10
6
2
3.45 1.00
stakeholders is low in Nigeria
9.1%
50%
22%
13.6% 4.6%
19
Going concern reporting can serve as 44
12
18
7
4
2
3.79 1.10
a framework to facilitate corporate
27.3% 41.9% 16.3% 9.1%
4.6%
stability
20
Investment is safer in a company 44
10
22
6
2
2
3.71 1.04
where going concern is reported by
22%
50%
14.3% 4.6%
4.6%
the auditors
Source:Sunny/Ovie Fieldwork, 2013.
KEY: N= Respondents: SA= strongly agree: A= Agree: UN=undecided/ indifference: D= disagree: SD=
strongly disagree: MIS= mean Item Score: STD= standard deviation/ variation ratio:
4.1 Findings
All respondents to this survey are professional chartered accountants who are practicing in an audit firm. 31 of
the respondents are male representing 70.4% while 13 of the respondents are female chartered accountants. Also,
23 of the respondents representing 52.2% have been in practice for over ten years while 21 respondents have
only been in practice for less than ten years.
4.2 Test of hypotheses
The hypotheses stated earlier in this study are hereby tested using the chi-square
Ho1: There exists no significant difference in going concern reporting among auditing firms.
This was achieved by subjecting item (9) in the questionnaire as a variable for chi-square test. (X2 =17.82,
p<.05). Using alpha level of 0.05, we reject the null hypothesis and conclude that there exist differences in
going concern reporting by independent auditors. This is consistent with the responses from the questionnaire of
which over 62% of respondents in item (6) agree that size of audit firms impacts on the going concern reporting.
This means that bigger audit firms with greater independence report going concern problems than the non-big
audit firms.
Ho2: There is no relationship between going concern reporting and corporate scandals.
In testing the second hypothesis, which states that there is no relationship between going concern reporting and
corporate scandals. We used item (1) on the spreadsheet to test this hypothesis. It was found that there is a
significant relationship between going concern reporting and corporate scandals and failures. (X2 = 40.37, p<.05).
There is evidence therefore to reject the null hypothesis and accept the alternative hypothesis that there is a
significant relationship between going concern reporting and corporate failures. To further reaffirm this evidence,
item responses from item (19) shows that over 30 of the respondents agree that going concern reporting can
promote corporate stability in the economy.
16

5.0 Conclusion and Recommendation
This study investigated audit reports and going concern assumptions as it relates to the corporate scandals in
Nigeria. From the findings of this study, it could be concluded that going concern reporting is highly significant
in an audit report. This is to enhance confidence as well as promote corporate stability.
Further, we found out that most corporate scandal and collapse in Nigeria in the past few years have all had a
link with going concern related problems. We also discovered that the entity’s interaction with the auditor is very
important to facilitate the identification of possible events or conditions that may cast significant doubt on the
entity’s ability to continue as a going concern. The significance of these events or conditions is varied from
entity to entity, but may be mitigated by other factors.
Management elaborates a financial report that gives a true and fair view of the entity’s financial position, cashflows and results. Auditors review the financial report and the incorporated financial statements in order to
formulate an opinion and to consider whether all the management’s disclosures present a true and fair view of
the entity.
In light of the above findings, we recommend that all involved in the preparation and audit of financial statement
must pay careful attention to whether the going concern assumptions continue to be appropriate and what
disclosures may be required.

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