SAFE BANK

BEZPIECZNY



BEZPIECZNY



SAFE BANK

‹••—‡•‘ˆϐ‹ƒ…‹ƒŽ•–ƒ„‹Ž‹–›ǡ™‹–Šƒ’ƒ”–‹…—Žƒ”‡’Šƒ•‹•‘–Š‡„ƒ‹‰•›•–‡Ǥ

EDITORIAL OFFICE

’”‘ˆǤ ƒœƒ„‡ŽƒÑ…œ›Ȃ†‹–‘”‹Š‹‡ˆ

’”‘ˆǤƒÏ‰‘”œƒ–ƒ™ƒ‹…œǦ”‘œ†‘™•ƒ

’”‘ˆǤ›•œƒ”†‘‘•œ…œ›Ñ•‹

’”‘ˆǤ‘‹ƒƒ”…‹‘™•ƒ

’”‘ˆǤ™ƒ‹Žƒ•œ‡™•ƒ

’”‘ˆǤ”œ›•œ–‘ˆ’‘Ž•‹

†”™ƒ—Ž‹Ñ•ƒǦƒ†Ï‘…Šƒ

™ƒ‡Ž‡Ă›Ñ•ƒȂ‡…”‡–ƒ”›

SCIENTIFIC AND PROGRAMME COUNCIL

‹‘–”‘™ƒȂ’”œ‡™‘†‹…œ¦…›

’”‘ˆǤƒ‘Žƒ‘‰‹‹

’”‘ˆǤƒ–‹ƒ‰‘ƒ”„‘ǦƒŽ˜‡”†‡

’”‘ˆǤƒ”‹—•œ ‹Žƒ”

’”‘ˆǤ—‰‡‹—•œƒ–ƒ”

’”‘ˆǤ†”œ‡Œ‘•’‘†ƒ”‘™‹…œ

’”‘ˆǤ‡•œ‡ƒ™Ï‘™‹…œ

”œ›•œ–‘ˆ‹‡–”ƒ•œ‹‡™‹…œ

†œ‹•Ïƒ™‘ƒŽ

’”‘ˆǤƒˆƒÏ—”ƒ

ŽŽƒ”–‹…Ž‡•’—„Ž‹•Š‡†‹Dz dzƒ”‡”‡˜‹‡™‡†Ǥ

ŽŽƒ”–‹…Ž‡•’”‡•‡––Š‡‘’‹‹‘•‘ˆ–Š‡ƒ—–Š‘”•ƒ†•Š‘—Ž†‘–„‡…‘•–”—‡†–‘„‡ƒ‘ˆϐ‹…‹ƒŽ

’‘•‹–‹‘‘ˆ

EDITOR

”›•–›ƒƒ™‡”•ƒ

PUBLISHER

ƒ‘™› —†—•œ™ƒ”ƒ…›Œ›

—ŽǤ•Ǥ‰ƒ…‡‰‘ ƒƒ‘”—’‹Ͷ ͲͲǦͷͶ͸ƒ”•œƒ™ƒ

SECRETARY

™ƒ‡Ž‡Ă›Ñ•ƒ

‡Ž‡’Š‘‡ǣʹʹͷͺ͵Ͳͺ͹ͺ

‡Ǧƒ‹Žǣ‡™ƒǤ–‡Ž‡œ›•ƒ̷„ˆ‰Ǥ’Ž

ͳ͵͹

ǣͳͲǤʹ͸͵ͷͶȀ„„ǤͺǤʹǤ͹ͳǤʹͲͳͺ

Radosław Kałużny

Š‘—Ž†”‡†‹–‘”•‡Ž‹‡˜‡‹—†‹–‘”•ǯ’‹‹‘•ǫ

—†‹–‘”•ǯ†‡’‡†‡…‡ǡ‘‹‰Ǧ‘…‡”ƒ”‹‰•

ƒ†”‡†‹–‹•••‡••‡–

Abstract

”‡†‹–”‹•ƒ••‡••‡–‹•ƒ‹Š‡”‡–…‘’‘‡–‘ˆ„ƒ‹‰ƒ…–‹˜‹–›ƒ†‹–‹•…”—…‹ƒŽ–‘ƒƒǦ

Ž›•‡–‹‡ƒ•’‡…–‘ˆ…”‡†‹–”‹•Ǥ—”‹‰–Šƒ–ƒ••‡••‡–„ƒ•‘—‰Š––‘—•‡‘Ž›”‡Ž‹ƒ„Ž‡†‘Ǧ …—‡–•–‘ƒ…Š‹‡˜‡”‡ƒ•‘ƒ„Ž‡”‡•—Ž–•Ǥ ‹ƒ…‹ƒŽ•–ƒ–‡‡–••Š‘—Ž†‘–„‡–Š‡‘‡ƒ†‘Ž›

†ƒ–ƒ•‘—”…‡•—’’‘”–Ž‘ƒ†‡…‹•‹‘„—––Š‡›ƒ”‡‹†‹•’‡•ƒ„Ž‡Ǥ

Š‹••–—†›‹•ƒ’ƒ”–‘ˆ”‡•‡ƒ”…Š–”‡†ƒ••‡••‹‰ƒ—†‹–‘”•ǯ‹†‡’‡†‡…‡ǤŠ‡’—”’‘•‡‘ˆ‹–™ƒ•

–™‘ˆ‘Ž†Ǥ ‹”•–Ž›ǡ–‘†‡–‡”‹‡‹ˆ–Š‡”‡‡š‹•–••‹‰‹ϐ‹…ƒ–†‡’‡†‡…‡„‡–™‡‡„—•‹‡••…‘–‹Ǧ

—‹–›‡˜‹†‡…‡†„›„ƒ”—’–…‹‡•ƒ†‰‘‹‰Ǧ…‘…‡”™ƒ”‹‰•’ƒ”ƒ‰”ƒ’Š•ȋȌ‹ƒ—†‹–‘”•ǯ

‘’‹‹‘Ǥ‡…‘†Ž›ǡ–‘‡šƒ‹‡’‘••‹„Ž‡‹–‡””‡Žƒ–‹‘‘ˆ‡š‹•–‡…‡‹ƒ—†‹–‘”•ǯ‘’‹‹‘

ƒ†‘Ǧƒ—†‹–ˆ‡‡•‡ƒ”‡†„›–Š‡•‡ƒ—†‹–‘”•ǤŠ‡”‡•‡ƒ”…Š“—‡•–‹‘ˆ‘”–Š‹•’ƒ’‡”‹•™Š‡–Š‡”

„ƒ•ƒ†‘–Š‡”…”‡†‹–‘”•ƒ›•–‹ŽŽ„ƒ•‡‘ϐ‹ƒ…‹ƒŽ•–ƒ–‡‡–•ƒ†ƒ—†‹–‘”ǯ•‘’‹‹‘•Ǥ‘

–Š‡Ž‹‹–ƒ–‹‘–Šƒ––Š‡ƒ‹‘ˆ–Š‹•’ƒ’‡”™ƒ•‘––‘‰‹˜‡…Ž‡ƒ”ƒ•™‡”™Š‹…Š‡ƒ•—”‡‘ˆ‰‘Ǧ

‹‰Ǧ…‘…‡””‹•‹•‘•–ƒ’’”‘’”‹ƒ–‡ǡ‹–’”‡•‡–•‘—–…‘‡•‘ˆƒ‹˜‡•–‹‰ƒ–‹‘‘ˆƒ•ƒ’Ž‡‘ˆ

…‘’ƒ‹‡•“—‘–‡†‘ƒ”•ƒ™–‘…š…Šƒ‰‡ȋ‘Žƒ†Ȍƒ‹ƒ”‡–ǡ–Šƒ–•—„‹––‡†”‡“—‡•–

ˆ‘”„ƒ”—’–…›–‘–Š‡…‘—”–”‡‰‹•–‡”„‡–™‡‡ ƒ—ƒ”›ͳǡʹͲͲͻƒ†‡…‡„‡”͵ͳǡʹͲͳ͵Ǥ

Key wordsǣƒ—†‹–‘’‹‹‘ǡ‰‘‹‰Ǧ…‘…‡”ǡ…”‡†‹–”‹•ǡϐ‹ƒ…‹ƒŽ•–ƒ–‡‡–“—ƒŽ‹–›ǡ†‹•…Ž‘•—”‡•

1. Introduction

”‡†‹– ”‹• ƒ••‡••‡– ‹• ƒ ‹Š‡”‡– …‘’‘‡– ‘ˆ „ƒ‹‰ ƒ…–‹˜‹–› ƒ† ‹– ‹•

…”—…‹ƒŽ–‘ƒƒŽ›•‡–‹‡ƒ•’‡…–‘ˆ…”‡†‹–”‹•Ǥˆ…‘—”•‡ǡ‘‡†‡Žƒ›‹”‡’ƒ›‡–‘ˆ

‹•–ƒŽ‡–•‹•™‡Ž…‘‡ǡ„—–‹–‹•‰”‡ƒ–†‹ˆˆ‡”‡…‡™Š‡–Š‡”•—…Š†‡Žƒ›‹•ƒƒ––‡”

‘ˆ•‘‡–‡…Š‹…ƒŽ‘”‘”‰ƒ‹•ƒ–‹‘ƒŽ’”‘„Ž‡•‘ˆ†‡„–‘”‘”ƒ›„‡‹–‹•ƒƒ––‡”‘ˆ

ȗ ƒ†‘•Ïƒ™ƒÏ—œ›™‘”•ƒ–‡’ƒ”–‡–‘ˆ‘‡›ƒ†ƒ‹‰ǡ‘œƒ‹˜‡”•‹–›‘ˆ…‘‘‹…•ƒ†

—•‹‡••Ǥ

ͳ͵ͺ

•–”—…–—”ƒŽ‹ƒ„‹Ž‹–›–‘”‡’ƒ›ƒŽ‘ƒ

ǤŠ‡”‡ˆ‘”‡ǡ‹–‹•‡••‡–‹ƒŽ–‘—•‡‘Ž›”‡Ž‹ƒ„Ž‡

†‘…—‡–• †—”‹‰ –Š‡ ’”‘…‡•• ‘ˆ …”‡†‹– ”‹• ‡˜ƒŽ—ƒ–‹‘ –‘ ƒ…Š‹‡˜‡ ƒ •ƒ–‹•ˆ›‹‰

ƒ•™‡”Ǥ‡‘ˆ–Š‡‘•–‹’‘”–ƒ–•‘—”…‡•‘ˆ‹ˆ‘”ƒ–‹‘—•‡ˆ—Ž‹–Š‹•’”‘…‡†—”‡

ƒ”‡—†‘—„–‡†Ž››‡ƒ”Ǧ‡†ϐ‹ƒ…‹ƒŽ•–ƒ–‡‡–•Ǥ—––‘ƒ…Š‹‡˜‡ƒ”‡ƒ•‘ƒ„Ž‡„ƒ•‡

ˆ‘” –ƒ‹‰ Ž‘ƒ †‡…‹•‹‘ ‘‡ ‡‡† –‘ „‡Ž‹‡˜‡ ‹ ‹ˆ‘”ƒ–‹‘ ‹…Ž—†‡† ‹ ϐ‹ƒ…‹ƒŽ

•–ƒ–‡‡–ǡ „‡…ƒ—•‡ ‘•– ‘ˆ ”ƒ–‹‘• ƒ† ‹†‹…ƒ–‘”• ƒ”‡ „ƒ•‡† ‘ †ƒ–ƒ ˆ”‘ –Š‡•‡

”‡’‘”–•Ǥ ‹ƒ…‹ƒŽ •–ƒ–‡‡–• ’”‡•‡– Š‹•–‘”‹…ƒŽ ϐ‹‰—”‡• ƒ† •Š‘—Ž† ‘– „‡ –Š‡

‘‡ ƒ† ‘Ž› †ƒ–ƒ •‘—”…‡ –Šƒ– •—’’‘”–• ƒ‹‰ Ž‘ƒ †‡…‹•‹‘ „—– –Š‡› ƒ”‡ •–‹ŽŽ

‹†‹•’‡•ƒ„Ž‡™Š‡†‡…‹†‹‰ƒ„‘—–‰”ƒ–‹‰–Š‡Ž‘ƒ•Ǥ

 ‹†‡’‡†‡– ƒ—†‹–‘”ǯ• ‘’‹‹‘ ‹• ’‡”…‡‹˜‡† ƒ• ƒ ‹•–‹–—–‹‘ƒŽ …‘ϐ‹”ƒ–‹‘

–Šƒ–‹ˆ‘”ƒ–‹‘†‹•…Ž‘•‡†‹ϐ‹ƒ…‹ƒŽ•–ƒ–‡‡–’”‡•‡–truthǤ—–ǡ–‘„‡’”‡…‹•‡

‹’”ƒ…–‹…‡ƒ……‘”†‹‰–‘‘Ž‹•Šƒ…–‘–ƒ–—–‘”›—†‹–‘”•ǡ—†‹– ‹”•ƒ†—„Ž‹…

˜‡”•‹‰Š––Š‡‘’‹‹‘•–ƒ–‡•™Š‡–Š‡”Dz–Š‡ϐ‹ƒ…‹ƒŽ•–ƒ–‡‡–‰‹˜‡•ƒtrue and fair view‘ˆƒ••‡–•ƒ†ϐ‹ƒ…‹ƒŽ’‘•‹–‹‘ǡƒ•™‡ŽŽƒ•–Š‡ϐ‹ƒ…‹ƒŽ”‡•—Ž–‘ˆ–Š‡ƒ—†‹–‡†

‡–‹–›ǡ‹ƒ……‘”†ƒ…‡™‹–Šƒ’’Ž‹…ƒ„Ž‡ƒ……‘—–‹‰ƒ†ϐ‹ƒ…‹ƒŽ”‡’‘”–‹‰”‡‰—Žƒ–‹‘•ǡ

ƒ• ™‡ŽŽ ƒ• ƒ†‘’–‡† ƒ……‘—–‹‰ ’”‹…‹’Ž‡• ȋ’‘Ž‹…›Ȍdz

Ǥ ‡•’‹–‡ –Š‡ ˜‡”› •‹‹Žƒ”

™‘”†‹‰‘ˆ–Š‡•‡–™‘–‡”•ȋ–”—–Šƒ†–”—‡ƒ†ˆƒ‹”˜‹‡™Ȍ–Š‡‹”•‡ƒ–‹……‘–‡–

‹•†‹ˆˆ‡”‡–

Ǥ‘”‡‘˜‡”ǡ–Š‡ƒ—†‹–‘”•ǯ‹†‡’‡†‡…‡Šƒ•„‡‡”‡’‡ƒ–‡†Ž›“—‡•–‹‘‡†

ƒ•–Š‡”‡‡š‹•–•’Ž‡–›‘ˆ”‡•‡ƒ”…Š•Š‘™‹‰–Šƒ––Š‡‹…”‡ƒ•‡‹•…‘’‡‘ˆƒ—†‹–‘”•ǯ

ˆ‡‡•”‡…‡‹˜‡†ˆ‘”†‡Ž‹˜‡”‹‰‘Ǧƒ—†‹–•‡”˜‹…‡•ǡ•—…Šƒ•ȋƒ‰‰”‡••‹˜‡Ȍ–ƒš’Žƒ‹‰ǡ

„—•‹‡•• …‘•—Ž–‹‰ ‘” ‘–Š‡” ƒ†˜‹•‘”› •‡”˜‹…‡• ‡”‘†‡ ƒ—†‹–‘”•ǯ ‘„Œ‡…–‹˜‹–›

Ǥ —…Š

…”‘••Ǧ•‡ŽŽ‹‰‘ˆ•‡”˜‹…‡•ǡ™Š‹…Š‹ƒ—–Š‘”‘’‹‹‘‹•‡˜‡‘”‡‡˜‹†‡–‹‹‰Ͷϐ‹”•

…ƒ•‡ǡƒ›”‡†—…‡ƒ—†‹–‘”•ǯ˜‹‰‹Žƒ…‡ƒ†™‹ŽŽ‹‰‡••–‘‹ˆ‘”ƒ„‘—––Š‡’”‘„Ž‡•

‘ˆ„—•‹‡••…‘–‹—‹–›ȋ‰‘‹‰Ǧ…‘…‡”Ȍ‘ˆϐ‹ƒ…‹ƒŽ•–ƒ–‡‡–’”‡’ƒ”‡”•ǤŠ‡’‘‹–

‹• –Šƒ– •—…Š ‡š–‡†‡† …‘’ƒ‹‡• Ž‹‡ ‹‰ Ͷ ƒ”‡ ’ƒ”–‹…—Žƒ”Ž› –‡’–‡† –‘ ’”‘˜‹†‡

ƒ††‹–‹‘ƒŽ•‡”˜‹…‡•‹‘”†‡”–‘ƒ‹–ƒ‹‘Ǧƒ—†‹–†‡’ƒ”–‡–•ǤŠ‡”‡„›ǡ–Š‡”‡‹•

ͳ ǤƒÏ—ЛǡPomiar ryzyka kredytowego banku: aspekty ϔinansowe i rachunkoweǡ›†ƒ™‹…–™‘ƒǦ

—‘™‡ǡƒ”•œƒ™ƒʹͲͲͻǡ’’ǤʹͻȂ͵ͲǤ

ʹ •–ƒ™ƒœ†‹ƒͳͳǤͲͷǤʹͲͳ͹”‘—‘„‹‡‰Ï›…Š”‡™‹†‡–ƒ…Šǡϐ‹”ƒ…Šƒ—†›–‘”•‹…Š‘”ƒœƒ†œ‘”œ‡’—„Ž‹…œǦ

›ǡœǤǤœʹͲͳ͹”Ǥ’‘œǤͳͲͺͻœ‡œǤ

͵ ǤǤ‹”ǡ‘True and Fair View’ versus ‘Present Fairly in Conformity with Generally Accepted Accounting Principlesǡƒ••‡›‹˜‡”•‹–›…Š‘‘Ž‘ˆ……‘—–ƒ…›ǡ‹•…—••‹‘ƒ’‡”‡”‹‡•ʹͲͺǡʹͲͲͳǢǤ‡–œ‡”ǡ

The truth, the who truth and nothing but the truth in ϔinancial reportingǡ š…Šƒ‰‡Ǣ‡–Š‡•†ƒ

‘ʹ͵ǡ‘ǤͳǡʹͲͲ͵ǡ’’Ǥͷ͸ȂͷͺǢǤƒ›‘—ǡǤ‡‹•–‡‹ǡǤ‹ŽŽ‹ƒ•ǡTo tell the truth: A discussion of issues concerning truth and ethics in accountingǡ……‘—–‹‰ǡ”‰ƒ‹œƒ–‹‘•ƒ†‘…‹‡–›͵͸ǡʹͲͳͳǡ

’’ǤͳͲͻȂͳʹͶǢǤƒÏ—ЛǡǤ‹‡…Š‘…ƒǦƒÏ—ЃǡCensoring as an aspect of truth in ϔinancial statements of insurance companies. Case of PolandǡʹͲͳͺǡ–Š‡’ƒ’‡”—†‡”’—„Ž‹…ƒ–‹‘Ǥ

Ͷ Ǥ‹‡•ǡAuditor independence, audit qualiϔications and the provision of non-audit services: A noteǤ

……‘—–‹‰ƒ† ‹ƒ…‡‘ŽǤ͵ͶȋͳȌǡͳͻͻͶǡ’’Ǥ͹ͷȂͺ͸ǢǤ‘™‡ǡǤƒ›ǡAn examination of the effects of type of engagements, materiality, and structure on CPA consulting engagements with audit clientsǡ…Ǧ …‘—–‹‰‘”‹œ‘ǡ‘ŽǤͳͲȋͶȌǡͳͻͻ͸ǡ’’͵ʹȂͷʹǢǤŠƒ”ƒǡ Ǥ‹†Š—ǡProfessionalism vs commercialism:

The association between non-audit services (NAS) and audit independenceǡ ‘—”ƒŽ‘ˆ—•‹‡•• ‹ƒ…‡

Ƭ……‘—–‹‰ǡ —‡Ȁ —Ž›ʹͲͲͳǡ’’ǤͷͻͷȂ͸ʹͻǢǤ‡ƒ––‹‡ǡǤ ‡ƒ”Ž‡›ǡAuditor Independence and Non- Audit Services: A Literature Reviewǡ•–‹–—–‡‘ˆŠƒ”–‡”‡†……‘—–ƒ–•ƒ†ƒŽ‡•ǡʹͲͲʹǢǤ…Š‡‹†‡”ǡ

ǤŠ—”…ŠǡǤŽ›ǡ Non-audit Services and the Auditor Independence: A Review of the Literatureǡ ‘—”ƒŽ

‘ˆ……‘—–‹‰‹–‡”ƒ–—”‡ǡ‘ŽǤʹͷǡʹͲͲ͸ǡ’’Ǥͳ͸ͻȂʹͳͳǢǤ—•–‹ǡǤ‡”ƒ–ŠǡAuditor independence: a re- view of literatureǡ–‡”ƒ–‹‘ƒŽ ‘—”ƒŽ‘ˆ…‘‘‹…•ƒ†……‘—–‹‰ǡ‘ŽǤͷǡ‘ǤͳǡʹͲͳͶǡ’’Ǥ͸ʹȂ͹ͶǤ

ͳ͵ͻ

ƒ’‘–‡–‹ƒŽ”‹•‘ˆ‹†‘ˆ•‘ˆ–ƒ—†‹–•‘ƒ•–‘ƒ…Š‹‡˜‡–Š‡Š‹‰Š‡•–‘˜‡”ƒŽŽ”‡˜‡—‡•

ˆ”‘ •‡”˜‹‰ ƒ …Ž‹‡–Ǥ Š‡ ”‡˜‹‡™ ‘ˆ ”‡•‡ƒ”…Š‡• …‘†—…–‡† „‡ˆ‘”‡ ƒ† ƒˆ–‡” Žƒ•–

ϐ‹ƒ…‹ƒŽ…”‹•‹•ȋʹͲͲ͹Ȍƒ†’‡”‹‘†‘ˆŽƒ”‰‡ƒ……‘—–‹‰•…ƒ†ƒŽ•ȋʹͲͲͲȂʹͲͲͳȌŒ—•–‹ˆ›

–Š‡ƒ†‘’–‹‘‘ˆ•—…Šƒ••—’–‹‘•Ǥ

ˆ ‘‡ …ƒ ’”‘˜‡ •—…Š …ƒ—•ƒŽ ”‡Žƒ–‹‘•Š‹’ „‡–™‡‡ †‡Ž‹˜‡”‹‰ ‘Ǧƒ—†‹– •‡”˜‹…‡•

ƒ†“—ƒŽ‹–›†‡–‡”‹‘”ƒ–‹‘‘ˆƒ—†‹–‘”ǯ•‘’‹‹‘ȋ‡•’‡…‹ƒŽŽ›‹‹–•’ƒ”ƒ‰”ƒ’Š”‡Žƒ–‡•–‘

‰‘‹‰Ǧ…‘…‡”ƒ••—’–‹‘Ȍǡ„‘–Šϐ‹ƒ…‹ƒŽ•–ƒ–‡‡–ƒ†ƒ—†‹–‘”ǯ•‘’‹‹‘ƒ”‡‘–

—•‡ˆ—Žƒ›‘”‡ˆ‘”–Š‡…”‡†‹–”‹•’—”’‘•‡•Ǥ

‹ƒ…‹ƒŽ•–ƒ–‡‡–•ƒ”‡…Ž‘•‡Ž›Ž‹‡†–‘†‡…‹•‹‘ƒ‹‰’”‘…‡•••‹…‡ƒ……‘”†‹‰

–‘ƒ……‘—–‹‰–Š‡‘”›ƒ……‘—–‹‰‹–•‡Žˆ‹•—•—ƒŽŽ›†‡ϐ‹‡†ƒ•–Š‡’”‘…‡••‘ˆ‹†‡–‹ˆ›‹‰ǡ

‡ƒ•—”‹‰ƒ†…‘—‹…ƒ–‹‰‡…‘‘‹…‹ˆ‘”ƒ–‹‘–‘’‡”‹–‹ˆ‘”‡†Œ—†‰‡–•

ƒ††‡…‹•‹‘•„›—•‡”•‘ˆ–Š‡‹ˆ‘”ƒ–‹‘

ǤŠ‡”‘Ž‡‘ˆϐ‹ƒ…‹ƒŽ”‡’‘”–‹‰ȋ™Š‹…Š

‹•ƒ’ƒ”–‘ˆƒ……‘—–‹‰Ȍǡ‹•–‘’”‘˜‹†‡‹ˆ‘”ƒ–‹‘–Šƒ–‹•—•‡ˆ—Ž‹ƒ‹‰„—•‹‡••

ƒ†‡…‘‘‹…†‡…‹•‹‘•

Ǥ……‘”†‹‰–‘–‡”ƒ–‹‘ƒŽ ‹ƒ…‹ƒŽ‡’‘”–‹‰–ƒ†ƒ”†•

ȋ Ȍ ™Š‹…Š ƒ”‡ ƒ†ƒ–‘”› ȋ™‹–Š ‹‘” Ž‹‹–ƒ–‹‘•Ȍ ˆ‘” –Š‡ …‘’ƒ‹‡• “—‘–‡†

™‹–Š‹—”‘’‡ƒ‹‘Dz–Š‡‘„Œ‡…–‹˜‡‘ˆ‰‡‡”ƒŽ’—”’‘•‡ϐ‹ƒ…‹ƒŽ”‡’‘”–‹‰‹•–‘

’”‘˜‹†‡ϐ‹ƒ…‹ƒŽ‹ˆ‘”ƒ–‹‘ƒ„‘—––Š‡”‡’‘”–‹‰‡–‹–›–Šƒ–‹•—•‡ˆ—Ž–‘‡š‹•–‹‰

ƒ† ’‘–‡–‹ƒŽ ‹˜‡•–‘”•ǡ Ž‡†‡”• ƒ† ‘–Š‡” …”‡†‹–‘”• ‹ ƒ‹‰ †‡…‹•‹‘• ƒ„‘—–

’”‘˜‹†‹‰”‡•‘—”…‡•–‘–Š‡‡–‹–›dz

Ǥ

Š‡”‡ ‹• ƒ ”‡…‘‡†ƒ–‹‘ –Šƒ– ƒŽŽ ’”‘ˆ‡••‹‘ƒŽ• —•– …‘˜‹…‡ –Š‡ ’—„Ž‹… –Šƒ–

–Š‡‹” ™‘” ™‹ŽŽ „‡ ‡ˆϐ‹…ƒ…‹‘—• ƒ† Š‘‘—”ƒ„Ž‡

Ǥ Š‡ –”ƒ†‹–‹‘ƒŽ ƒ—†‹– Šƒ• ‘ˆ–‡

„‡‡ †‡•…”‹„‡† ƒ• ƒ ’—„Ž‹… ‹–‡”‡•– •‡”˜‹…‡

Ǥ – ƒ› ‡˜‡ „‡ …ƒŽŽ‡† ƒ• •‘‡ ‹†

‘ˆ•‘…‹ƒŽƒ‰”‡‡‡–„‡–™‡‡ƒ—†‹–‘”•ƒ†–Š‡”‡•–‘ˆ•‘…‹‡–›ǤŠ‡”‡ƒ•‘‘ˆ•—…Š

•’‡…‹ƒŽ •–ƒ–—• ‹• –Šƒ– ‡š–‡”ƒŽ ƒ—†‹–‘”ǯ• •‡”˜‹…‡• ƒ”‡ ƒ Š‡Ž’ˆ—Ž –‘‘Ž ‹ ”‡†—…‹‰

ƒ‰‡…› …‘•–•

Ǥ Š‡”‡ˆ‘”‡ǡ –Š‡ ‹†‡’‡†‡…‡ ‘ˆ ƒ—†‹–‘”• •Š‘—Ž† „‡ –Š‡ ŠƒŽŽƒ”

‘ˆ ’”‘ˆ‡••‹‘

Ǥ ‘•‡“—‡–Ž›ǡ ƒ—†‹–‘”• ƒ”‡ ‘„Ž‹‰‡† –‘ Šƒ˜‡ •›•–‡• ‹ ’Žƒ…‡ –Šƒ–

ƒ”‡ Ž‹‡Ž› –‘ †‡Ž‹˜‡” Š‹‰ŠǦ“—ƒŽ‹–› ‡‰ƒ‰‡‡–• ƒ† ƒƒ‰‡ƒ„Ž‡ †‡‰”‡‡• ‘ˆ ‘”ƒŽ

Šƒœƒ”†Ǥ‹ˆˆ‡”‡–‰”‘—’•‘ˆ•–ƒ‡Š‘Ž†‡”•ǯ’‡”…‡’–‹‘•ƒ›„‡‹’ƒ…–‡†„›™Š‡–Š‡”

–Š‡ ‹†‡’‡†‡– ƒ—†‹–‘”•ǯ ”‡’‘”– ƒ……‘’ƒ›‹‰ –Š‡ ϐ‹ƒ…‹ƒŽ ‹ˆ‘”ƒ–‹‘ ‹•

—“—ƒŽ‹ϐ‹‡† ‘” …‘–ƒ‹• ƒ ‰‘‹‰Ǧ…‘…‡” ‘†‹ϐ‹…ƒ–‹‘

 •‹…‡ …Ž‡ƒ ƒ—†‹– ”‡’‘”–

Ԙͷ Ǥ‡†”‹•‡ǡǤ˜ƒ”‡†ƒǡAccounting theory. 5th Editionǡ”™‹ǡͳͻͻʹǤ

Ԙ͸ ‹ƒ…‹ƒŽ……‘—–‹‰–ƒ†ƒ”†•‘ƒ”†ǡ–ƒ–‡‡–‘ˆ ‹ƒ…‹ƒŽ……‘—–‹‰‘…‡’–•‘ǤͳǡǮObjectives of Financial Reporting by Business Enterprisesǯǡͳͻ͹ͺǤ

Ԙ͹ –‡”ƒ–‹‘ƒŽ……‘—–‹‰–ƒ†ƒ”†•‘ƒ”†ǡThe Conceptual Framework for Financial ReportingǡʹͲͳͲǤ

Ԙͺ Ǥ„„‘––ǡThe System of Professionsǡ‹˜‡”•‹–›‘ˆŠ‹…ƒ‰‘”‡••ǡŠ‹…ƒ‰‘ǡͳͻͺͺǤ

Ԙͻ Ǥƒ—–œǡǤŠƒ”ƒˆǡThe Philosophy of Auditingǡ‡”‹…ƒ……‘—–‹‰••‘…‹ƒ–‹‘ǡƒ”ƒ•‘–ƒǡ ǡͳͻ͸ͳǢ

Ǥ‡‡ǡCorporate Audit TheoryǡŠƒ’ƒƬƒŽŽǡ‡™‘”ǡǡͳͻͻ͵ǢǤ Ž‹–ǡPhilosophy and Princi- ples of Auditing – An Introductionǡƒ…‹ŽŽƒǡ‘†‘ͳͻͺͺǤ

ͳͲ Ǥ ‡•‡ǡǤ‡…Ž‹‰ǡTheory of the ϔirm: managerial behavior, agency costs, and ownership structureǡ

‘—”ƒŽ‘ˆ ‹ƒ…‹ƒŽ…‘‘‹…•͵ǡͳͻ͹͸ǡ’’Ǥ͵ͲͷȂ͵͸ͲǤ

ͳͳ Ǥ ‡”‡…‡ǡIndependence is in the eye of the beholderǡ ‘—”ƒŽ‘ˆ……‘—–ƒ…›ǡ —‡ʹͲͳ͵Ǥ

ͳʹ Ǥ ‘•–‡”ƒ†ǤŠƒ•–”‹ǡDeterminants of going concern opinions and audit fees for development stage enterprisesǡ †˜ƒ…‡• ‹ ……‘—–‹‰ǡ ‹…‘”’‘”ƒ–‹‰ †˜ƒ…‡• ‹ –‡”ƒ–‹‘ƒŽ ……‘—–‹‰ǡ ‘ŽǤ ͵͵ǡ

ʹͲͳ͸ǡ’’Ǥ͸ͻǤ

ͳͶͲ

‹…”‡ƒ•‡• –Š‡ Ž‹‡Ž‹Š‘‘† ‘„–ƒ‹‹‰ ˆ—†‹‰ ƒ† ‘ˆ–‡ ”‡†—…‡• –Š‡ ƒ‘—– ‘ˆ

ƒ††‹–‹‘ƒŽ‹ˆ‘”ƒ–‹‘‡–”‡’”‡‡—”•—•–’”‘˜‹†‡–‘‘„–ƒ‹ϐ‹ƒ…‹‰ˆ‘”‡šƒ’Ž‡

ˆ”‘Ž‡†‡”•Ǥ—–ƒ—†‹–•ƒ”‡‘–Š‹‰‹ˆ–Š‡›†‘‘–’‘••‡••–Š‡…‘ϐ‹†‡…‡‘ˆ–Š‘•‡

–Šƒ–”‡ƒ†–Š‡ƒ—†‹–‘’‹‹‘

Ǥ‘™‡˜‡”ǡ’—„Ž‹…‹–‡”‡•–†‹‡•‹‘•‘ˆ–Š‡‘†‡”

ƒ—†‹–”‡“—‹”‡ƒ…‘•‹†‡”ƒ–‹‘‘ˆ–Š‡„ƒŽƒ…‡„‡–™‡‡–Š‡ƒ—†‹–ƒ†‘–Š‡”•‡”˜‹…‡•

Ž‹‡ ˆ‘” ‡šƒ’Ž‡ …‘•—Ž–‹‰Ǥ † –Šƒ– ‹• ƒ ‹••—‡ •–‹—Žƒ–‹‰ ‘‰‘‹‰ “—‡•–‹‘

ƒ„‘—–ƒ—†‹–‘”ǯ•‹†‡’‡†‡…‡‹•‡•‡‘ˆŽƒ…‘ˆ„‹ƒ•‹ˆ‘”‹‰–Š‡‹”’”‘ˆ‡••‹‘ƒŽ

Œ—†‰‡–••–ƒ–‡†•—„•‡“—‡–Ž›‹–Š‡‹”‘’‹‹‘•ǤŠƒ–‹•„‡…ƒ—•‡„‡‹‰‹†‡’‡†‡–

‹ –Š‹• …‘–‡š– ‡ƒ• Ǯ‹†‡’‡†‡…‡ ‹ ƒ’’‡ƒ”ƒ…‡ǯǡ ™Š‹…Š ƒ› „‡ –Š”‡ƒ–‡‡†

™Š‡ƒ—†‹–‘”•ƒ”‡‹…Ž‘•‡”‡Žƒ–‹‘•Š‹’–‘–Š‡‹”…Ž‹‡–•Ǥ‘–”ƒ”›ǡǮ‹†‡’‡†‡…‡‹

ˆƒ…–ǯ™Š‹…Š‡ƒ•‡‡–‹‰ˆ‘”ƒŽ”‡“—‹”‡‡–•‹’Ž‡‡–‡†–‘ƒ’’”‘’”‹ƒ–‡Ž‡‰ƒŽ

ƒ…–•Ǥ†‡’‡†‡…‡‹–•‡Žˆ‹•‘–†‡ϐ‹‡†ƒ•Œ—•–…‘’Ž‹ƒ…‡™‹–Š–Š‡‹†‡’‡†‡…‡

”—Ž‡•

Ǥ —…Š †‹‡•‹‘ ‹• ‹ Ž‹‡ –‘ ƒ……‡’–‡† †‡ϐ‹‹–‹‘ ‘ˆ ‹†‡’‡†‡…‡ǡ ™Š‹…Š

…‘…‡–”ƒ–‡•‘ˆ”‡‡†‘ˆ”‘–Š‘•‡ˆƒ…–‘”•–Šƒ–…‘’”‘‹•‡ǡ‘”…ƒ”‡ƒ•‘ƒ„Ž›

„‡‡š’‡…–‡†–‘…‘’”‘‹•‡ǡƒƒ—†‹–‘”ǯ•ƒ„‹Ž‹–›–‘ƒ‡—„‹ƒ•‡†ƒ—†‹–†‡…‹•‹‘•

Ǥ

Š‡–Š‡” ‘” ‘– –Š‡ ’”‘˜‹•‹‘ ‘ˆ …‘•—Ž–‹‰ •‡”˜‹…‡ –‘ ƒ—†‹– …Ž‹‡–• ‡”‘†‡• –Š‡

‹†‡’‡†‡…‡ ‘ˆ –Š‡ ƒ—†‹– Šƒ• „‡‡ ‡‡Ž› †‡„ƒ–‡† •‹…‡ –Š‡ ͳͻ͹Ͳ• „‡…ƒ—•‡ ‘ˆ

‹–•‰”‘™‹‰‹’‘”–ƒ…‡–‘–Š‡ϐ‹”•ƒ•ƒ”‡˜‡—‡•‘—”…‡

Ǥ‡ƒ›‡˜‡•ƒ›–Šƒ–

•‡”˜‹…‡’”‘˜‹†‡†„›ƒ—†‹–ϐ‹”•‹•‘Ž‘‰‡”ƒ—†‹–‹‰ǡ–Šƒ–‹•Œ—•–’—”‡…‘•—Ž–‹‰

ȋ™Š‹…Š‹•‘–•‘‹†‡’‡†‡–ƒ•ƒ—†‹–ȌǤŠ‡”‡ˆ‘”‡ǡ–Š‡“—ƒŽ‹–›‘ˆƒ—†‹–‘”ǯ•‘’‹‹‘

‹• ‘– ’‡”…‡‹˜‡† ‹ –Š‡ ‡›‡• ‘ˆ ‘’‹‹‘ǯ• —•‡” „‡…ƒ—•‡ ‡…‘‘‹… †‡’‡†‡…‡ ‘

…Ž‹‡–•ǯ ˆ‡‡• •–”‘‰Ž› ƒˆˆ‡…– ƒ—†‹–‘”ǯ• ‹†‡’‡†‡…‡Ǥ ‘Ǧƒ—†‹– •‡”˜‹…‡• †‡Ž‹˜‡”

‡š–”ƒ”‡˜‡—‡•–‘ƒ—†‹–ϐ‹”•„—––Š‡›ƒŽ•‘‹‰Š–‡‰‡†‡”ƒ—Š‡ƒŽ–Š›†‡‰”‡‡

‘ˆ ‡…‘‘‹… †‡’‡†‡…‡ „‡–™‡‡ –Š‡ ƒ—†‹–‹‰ ƒ† …Ž‹‡– ϐ‹”•Ǥ ’‡…‹ϐ‹…ƒŽŽ›ǡ –Š‡

ƒ—†‹–‹‰ϐ‹”‹‰Š–Ž‘•‡•‹‰Š–‘ˆ‹–•‘„Ž‹‰ƒ–‹‘–‘…ƒ•–ƒ…”‹–‹…ƒŽ‡›‡‘‹–•…Ž‹‡–•ǯ

ƒ……‘—–‹‰’”ƒ…–‹…‡•ˆ‘”ˆ‡ƒ”‘ˆŽ‘•‹‰•—…ŠƒŽ—…”ƒ–‹˜‡”‡˜‡—‡•‘—”…‡Ǥ‘”‡‘˜‡”ǡ

–Š‡”‡‹‰Š–ƒ”‹•‡ƒ…‘ϐŽ‹…–‘ˆ‹–‡”‡•–•ǡƒ•‹–Š‡…‘•—Ž–‹‰”‘Ž‡–Š‡ƒ—†‹–‘”ǯ•…Ž‹‡–

‹•ƒƒ‰‡‡–ƒ†‘––Š‡•Šƒ”‡Š‘Ž†‡”•

Ǥ—ƒ”‹•‹‰ǡ„‘–Š‘˜‡”Ǧ†‡’‡†‡…‡‘

ˆ‡‡•”‡…‡‹˜‡†ˆ”‘‘‡•‘—”…‡ȋ‘‡…Ž‹‡–Ȍƒ†’”‘˜‹•‹‘‹‰ˆ‘”‘Ǧƒ—†‹–•‡”˜‹…‡•

†‡Ž‹˜‡”‡† –‘ ƒ—†‹–‡† …Ž‹‡– ƒ”‡ ’‘–‡–‹ƒŽ –Š”‡ƒ–• –Šƒ– ƒ› ‹ϐŽ—‡– ‘ ƒ—†‹–‘”ǯ•

‹†‡’‡†‡…‡Ǥ—…Š‡˜‹”‘‡–ˆ”ƒ‡™‘”•Œ—•–‹ϐ‹‡†‡š‹•–‡…‡‘ˆ’—„Ž‹…”‡‰—Žƒ–‘”ǡ

™Š‘•‡ƒ‹•Š‘—Ž†„‡’”‘–‡…–‹‰˜ƒŽ—‡‘ˆƒ—†‹–•ƒ†‡•—”‹‰–Šƒ–ƒ—†‹–‘”•‡‡–

ͳ͵ Ǥ ‘‰ƒ”–›ǡ Ǥ‹‰•„›ǡA reϔlective analysis of the “new audit” and the public interest: The revolutiona- ry innovation that never cameǡ ‘—”ƒŽ‘ˆ……‘—–‹‰Ƭ”‰ƒ‹œƒ–‹‘ƒŽŠƒ‰‡ǡ‘ŽǤ͸ǡ••͵ǡʹͲͳͲǡ

’’Ǥ͵ͲͲȂ͵ʹͻǤ

ͳͶ Ǥ…‰”ƒ–ŠǡǤ‹‡‰‡ŽǡǤ—ˆ‡‡ǡǤŽƒœ‡”ǡǤ ƒ‡‹…‡ǡA Framework for Auditor Independenceǡ ‘—”ƒŽ

‘ˆ……‘—–ƒ…›ǡ ƒ—ƒ”›ʹͲͲͳǤ

ͳͷ –‡”ƒ–‹‘ƒŽ ‡†‡”ƒ–‹‘‘ˆ……‘—–ƒ–•ǡInternational Standard on Auditing 200, Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with International Standards on AuditingǡʹͲͲͻǤ

ͳ͸ Ǥ ‘‰ƒ”–›ǡ Ǥ‹‰•„›ǡA reϔlective analysis of the “new audit” and the public interest: The revolutiona- ry innovation that never cameǡ ‘—”ƒŽ‘ˆ……‘—–‹‰Ƭ”‰ƒ‹œƒ–‹‘ƒŽŠƒ‰‡ǡ‘ŽǤ͸ǡ••͵ǡʹͲͳͲǡ

’’Ǥ͵ͲͲȂ͵ʹͻǤ

ͳ͹ Ǥ›‡‰ƒ”ǡǤƒ’‡ŽŽ‹ǡAuditor independence, executive pay and ϔirm performanceǡ……‘—–‹‰ƒ†

‹ƒ…‡ǡͶͺȋʹͲͲͺȌǡ’’ǤʹͷͻȂʹ͹ͺǤ

ͳͶͳ

“—ƒŽ‹–›ƒ†‹†‡’‡†‡…‡…”‹–‡”‹ƒ

Ǥ—–‡˜‡‘™‹‰–Šƒ–’—„Ž‹…”‡‰—Žƒ–‘”‹•˜‹–ƒŽ

–‘ϐ‹ƒ…‹ƒŽ•–ƒ–‡‡–—•‡”•ȋ‹…Ž—†‹‰‹˜‡•–‘”•Ȍǡˆ‘”™Š‘ƒ—†‹–’”‘…‡•••‡‡•–‘

„‡•‘‡–Š‹‰‘˜‡”•‘’Š‹•–‹…ƒ–‡†•‹‹Žƒ”–‘„Žƒ…„‘šǡ–Š‡”‡‹••–‹ŽŽƒ…–—ƒŽ“—‡•–‹‘‘ˆ

”‡‰—Žƒ–‘”ǯ•ƒ…–‹˜‹–›‡ˆˆ‡…–‹˜‡‡••Ǥˆ…‘—”•‡ǡ–Š‡”‡ƒ”‡•‘‡‹…‡–‹˜‡•–Šƒ–‘–‹˜ƒ–‡

ƒ—†‹–‘”• –‘ †‡Ž‹˜‡” –Š‘”‘—‰Š •‡”˜‹…‡•Ǥ Š‡ ‘•– ‹’‘”–ƒ– ƒ”‡ ƒ˜‘‹†‹‰ …‘•–• ‘ˆ

’‘–‡–‹ƒŽŽ‹–‹‰ƒ–‹‘ƒ†’”‡•‡”˜‹‰”‡’—–ƒ–‹‘

Ǥ

ƒ‹‰‹–‘…‘•‹†‡”ƒ–‹‘•—…Š‡••‡–‹ƒŽ“—‡•–‹‘•ƒ„‘—–ƒ—†‹–‘”ǯ•‹†‡’‡†‡…‡ǡ

—•‡”• ‘ˆ ϐ‹ƒ…‹ƒŽ •–ƒ–‡‡–• ƒ› …‘‡ –‘ –Š‡ …‘…Ž—•‹‘ –Šƒ– ƒ—†‹–‘”ǯ• “—ƒŽ‹–›

ȋ™Š‹…Š‡“—ƒŽ•–‘‘’‹‹‘ǯ•˜ƒŽ—‡Ȍ‹•‘–ƒ––Š‡•ƒ‡Ž‡˜‡Žƒ›‘”‡ǤŠ‡”‡ˆ‘”‡ǡ—•‡”•

‘ˆϐ‹ƒ…‹ƒŽ”‡’‘”–•ƒ†ƒ—†‹–‘”•ǯ‘’‹‹‘•ǡ‡•’‡…‹ƒŽŽ›’”‘ˆ‡••‹‘ƒŽ•ȋ•—…Šƒ•„ƒ•

ƒ† ‘–Š‡” …”‡†‹–‘”•Ȍ ƒ”‡ ‡–‹–Ž‡† –‘ †‘—„– –Š‡‹” ˜‡”ƒ…‹–›

Ǥ ‘”‡‘˜‡”ǡ ˆ‘ŽŽ‘™‹‰

–Š‹•Ž‹‡‘ˆ–Š‘—‰Š–„ƒ•ƒ†…”‡†‹–‘”••Š‘—Ž†„‡‘”‡’”—†‡–™Š‹Ž‡–ƒ‹‰Ž‘ƒ

†‡…‹•‹‘•ǡ„‡…ƒ—•‡‘ˆŽ‹‡Ž›‰‘‹‰Ǧ…‘…‡”’”‘„Ž‡•‘ˆ’‘–‡–‹ƒŽ†‡„–‘”•Ǥ

•‹‰ ƒ—†‹– ‘’‹‹‘• ƒ† ϐ‹ƒ…‹ƒŽ •–ƒ–‡‡–• ƒ• –Š‡ ‘•– ‹””‡ˆ—–ƒ„Ž‡ •‘—”…‡ ‘ˆ

‹ˆ‘”ƒ–‹‘ ƒ„‘—– †‡„–‘” ϐ‹ƒ…‹ƒŽ •–ƒ†‹‰ •‡‡• –‘ „‡ ‰”‘—†Ž‡••Ǥ Ž–Š‘—‰Š

ƒ—†‹–‘”•†‘‘–‘’‹‡‘ƒ…Ž‹‡–ǯ•…”‡†‹–™‘”–Š‹‡••ǡ–Š‡›ƒ”‡”‡“—‹”‡†–‘”‡’‘”–

‹ˆ –Š‡”‡ ‹• †‘—„– ƒ• –‘ ƒ …Ž‹‡–ǯ• ƒ„‹Ž‹–› –‘ …‘–‹—‡ ƒ• ƒ ‰‘‹‰Ǧ…‘…‡”

Ǥ ‘‹‰Ǧ …‘…‡”ƒ••—’–‹‘‡ƒ•ƒ„‹Ž‹–›–‘…‘–‹—ƒ…‡„—•‹‡••ˆ‘”ƒˆ‘”‡•‡‡ƒ„Ž‡ˆ—–—”‡Ǥ

‹ƒ…‹ƒŽ•–ƒ–‡‡–•ƒ”‡’”‡’ƒ”‡†‘ƒ‰‘‹‰…‘…‡”„ƒ•‹•ǡ—Ž‡••ƒƒ‰‡‡–

‡‹–Š‡” ‹–‡†• –‘ Ž‹“—‹†ƒ–‡ –Š‡ ‡–‹–› ‘” –‘ …‡ƒ•‡ ‘’‡”ƒ–‹‘• ‘” Šƒ• ‘ ”‡ƒŽ‹•–‹…

ƒŽ–‡”ƒ–‹˜‡„—––‘†‘•‘

Ǥ

……‘”†‹‰ –‘ –‡”ƒ–‹‘ƒŽ —†‹– –ƒ†ƒ”†•

 –Šƒ– ‹• ƒƒ‰‡‡– ”‘Ž‡ –‘ ’”‘˜‡

ƒ’’”‘’”‹ƒ–‡‡•• ‘ˆ ‰‘‹‰Ǧ…‘…‡” ƒ••—’–‹‘ǡ „—– ƒ—†‹–‘”ǯ• ”‘Ž‡ ‹• ‡˜ƒŽ—ƒ–‹‰

ƒƒ‰‡‡– ƒ••‡••‡–Ǥ  ’”ƒ…–‹…‡ –Š‡”‡ ƒ› ‘……—” †‹ˆˆ‡”‡– •…‡ƒ”‹‘•Ǥ ȋͳȌ ˆ

‰‘‹‰Ǧ…‘…‡”ƒ••—’–‹‘‹•’”‘’‡”„—–ƒ–‡”‹ƒŽ—…‡”–ƒ‹–›‡š‹•–•ƒ†…‘’ƒ›

†‹•…Ž‘•‡† ‹– –Š‡ ƒ—†‹–‘” •Š‘—Ž† …‘•‹†‡” ƒ††‹–‹‘ƒŽ ’ƒ”ƒ‰”ƒ’Š ȋ™Š‹…Š ‹• ‘–

‘†‹ϐ‹…ƒ–‹‘‘ˆƒ‘’‹‹‘Ȍƒ‡†‡’Šƒ•‹•‘ˆƒ––‡”–‘Š‹‰ŠŽ‹‰Š–•—…Š—…‡”–ƒ‹–›Ǥ

‘™‡˜‡”ǡȋʹȌ‹ˆ–Š‡”‡‹•‘†‹•…Ž‘•—”‡ƒ„‘—–ƒ–‡”‹ƒŽ—…‡”–ƒ‹–›ǡƒ—†‹–‘”•Š‘—Ž†

‡š’”‡•• ƒ “—ƒŽ‹ϐ‹‡† ‘” ƒ†˜‡”•‡ ‘’‹‹‘Ǥ ȋ͵Ȍ ˆ …‘’ƒ› ƒ’’Ž‹‡† ‰‘‹‰Ǧ…‘…‡”

ͳͺ Ǥ‘„†‹ƒǡǤŠ”‘ˆˆǡRegulatory Oversight and Auditor Market Shareǡ ‘—”ƒŽ‘ˆ……‘—–‹‰Ƭ…‘‘Ǧ

‹…•ȋ Ȍǡ‘ŽǤ͸͵ǡ‘ǤʹǡʹͲͳ͹ǡ’’Ǥʹ͸ʹȂʹͺ͹Ǥ

ͳͻ ‘”‡šƒ’Ž‡Ǥ›‡ǡAuditing standards, legal liability, and auditor wealthǡ ‘—”ƒŽ‘ˆ‘Ž‹–‹…ƒŽ…‘Ǧ

‘›ͳͲͳȋͷȌǡͳͻͻ͵ǡ’’Ǥͺͺ͹ȂͻͳͶ‘”Ǥ‹—‹…ǡThe pricing of audit services: Theory and evidenceǡ

‘—”ƒŽ‘ˆ……‘—–‹‰‡•‡ƒ”…Šǡ‘ŽǤͳͺǡ‘ǤͳǡͳͻͺͲǡ’’Ǥͳ͸ͳȂͳͻͲǤ

ʹͲ Ǥƒ‰‡••‘ǡǤYŠƒǡTo be or not to be – auditors’ ability to signal going concern problemsǡ ‘—”ƒŽ‘ˆ

……‘—–‹‰Ƭ”‰ƒ‹œƒ–‹‘ƒŽŠƒ‰‡ǡ‘ŽǤͳͳǡ••ʹǡʹͲͳͷǡ’’Ǥͳ͹ͷȂͳͻʹǢǤ ‡Ž†ƒǡǤ‡ƒ†ǡGoing- -concern audit opinions for bankrupt companies – impact of credit ratingǡƒƒ‰‡”‹ƒŽ—†‹–‹‰ ‘—”ƒŽǡ

‘ŽǤʹͺ••ͶǡʹͲͳ͵ǡ’’Ǥ͵ͶͷȂ͵͸͵Ǥ

ʹͳ Ǥ ‡Ž†ƒǡǤ‡ƒ†ǡGoing-concern audit opinions for bankrupt companies – impact of credit ratingǡ

ƒƒ‰‡”‹ƒŽ—†‹–‹‰ ‘—”ƒŽǡ‘ŽǤʹͺǡ••ͶǡʹͲͳ͵ǡ’’Ǥ͵ͶͷȂ͵͸͵Ǣ–‡”ƒ–‹‘ƒŽ ‡†‡”ƒ–‹‘‘ˆ……‘—Ǧ

–ƒ–•ǡInternational Standard on Auditing 570, Going ConcernǡʹͲͲͻǤ

ʹʹ –‡”ƒ–‹‘ƒŽ ‡†‡”ƒ–‹‘ ‘ˆ ……‘—–ƒ–•ǡ International Standard on Auditing 570, Going Concernǡ

ʹͲͲͻǤ

ʹ͵ –‡”ƒ–‹‘ƒŽ ‡†‡”ƒ–‹‘ ‘ˆ ……‘—–ƒ–•ǡ International Standard on Auditing 570, Going Concernǡ

ʹͲͲͻǤ

ͳͶʹ

ƒ••—’–‹‘ ™Š‹…Š ‹ ƒ—†‹–‘” ‘’‹‹‘ ‹• ‘– ’”‘’‡”ǡ Š‡ Ȁ •Š‡ ‘—‰Š– –‘ ‡š’”‡••

ƒ†˜‡”•‡ ‘’‹‹‘Ǥ ȋͶȌ ˆ –Š‡”‡ ‡š‹•– •‡˜‡”ƒŽ ƒ–‡”‹ƒŽ —…‡”–ƒ‹–‹‡• –‘ –Š‡ ϐ‹ƒ…‹ƒŽ

•–ƒ–‡‡–ƒ•ƒ™Š‘Ž‡ǡ‘”ȋͷȌ‹ˆƒƒ‰‡‡–‹•—™‹ŽŽ‹‰–‘‡š–‡†‹–•‰‘‹‰Ǧ…‘…‡”

ƒ••‡••‡–ƒ—†‹–‘”•Š‘—Ž†‡š’”‡••†‹•…Žƒ‹‡”‘ˆ‘’‹‹‘

Ǥ

Š‡”‡‹•ƒƒ—†‹–‘”ǯ•ƒ••‡••‡–™Š‡–Š‡”‹’ƒ”–‹…—Žƒ”•‹–—ƒ–‹‘ƒ‘’‹‹‘•Š‘—Ž†

…‘–ƒ‹‡’Šƒ•‹•‘ˆƒ––‡”ǡ‘”ƒ›„‡ϐ‹ƒ…‹ƒŽ•–ƒ–‡‡–•Š‘—Ž†”‡…‡‹˜‡ƒ“—ƒŽ‹ϐ‹‡†

‘’‹‹‘ǡƒƒ†˜‡”•‡‘’‹‹‘‘”‡˜‡†‹•…Žƒ‹‡”‘ˆ‘’‹‹‘Ǥ–Š‡”™‹•‡ǡ‹ˆ‹ƒ—†‹–‘”ǯ•

‘’‹‹‘ ‰‘‹‰ …‘…‡” ƒ••—’–‹‘ ‹• ‡˜ƒŽ—ƒ–‡† ƒ† †‹•…Ž‘•‡† ’”‘’‡”Ž› „› –Š‡

’”‡’ƒ”‡”‘ˆϐ‹ƒ…‹ƒŽ•–ƒ–‡‡–ǡƒƒ—†‹–‘”ǯ•‘’‹‹‘†‘‡•‘–Šƒ˜‡–‘ƒ††”‡••–Šƒ–

‹••—‡

Ǥ ‡ƒ”‹‰ ‹ ‹† ’‘–‡–‹ƒŽ †‡…Ž‹‡ ‹ ‘’‹‹‘•ǯ “—ƒŽ‹–› –Š‡”‡ ‹• –Š”‡ƒ– ‘ˆ

‰‘‹‰Ǧ…‘…‡”™ƒ”‹‰‘‹••‹‘Ǥ

•ƒ”‡•—Ž–ǡƒ—†‹–‘’‹‹‘•ǯ—•‡”•ƒ›Ž‘•‡ȋ•‘ˆƒ”Ȍ—•‡ˆ—Ž–‘‘Žˆ‘”ƒ•…‡”–ƒ‹‹‹‡–

„ƒ”—’–…›‘ˆ„ƒ•ǯ…Ž‹‡–•Ǥ•’‡…‹ƒŽŽ›ǡ™Š‡–Š‡”‡‹•ƒ†‹•…—••‹‘™Š‡–Š‡”ƒ—†‹–‘”•ǯ

‰‘‹‰Ǧ…‘…‡”‘’‹‹‘•ƒ”‡‘”‡‡ˆˆ‡…–‹˜‡–Šƒ‘–Š‡”„ƒ”—’–…›’”‡†‹…–‹‘‘†‡Ž•Ǥ

‡‹‰ ’”‡†‹…–‘” ‘ˆ ’‘••‹„Ž‡ –”‘—„Ž‡• ‹• ‘– ƒ ”‘Ž‡ ‘ˆ ‡š–‡”ƒŽ ƒ—†‹–‘”Ǥ ‘™‡˜‡”ǡ

ƒ—†‹–‘”•ǯ‘’‹‹‘•—•‡”•–”‡ƒ–Š‹•ƒ’’”ƒ‹•ƒŽ‘ˆƒ—†‹–‡†‡–‹–›”‡•—Ž–‹‰‰‘‹‰Ǧ…‘…‡”

’ƒ”ƒ‰”ƒ’Š‹ƒ—†‹–‘”•ǯ‘’‹‹‘ƒ•ƒ‡ƒ”Ž›™ƒ”‹‰•‹‰ƒŽǤ˜‡‹ˆ•‡˜‡”ƒŽ•–—†‹‡•

’”‘˜‡†–Šƒ–‘Ž›‹ŠƒŽˆ–Š‡…ƒ•‡•™Š‡”‡…‘’ƒ‹‡•—Ž–‹ƒ–‡Ž›™‡–„ƒ”—’–™ƒ•ƒ

‰‘‹‰…‘…‡”‘’‹‹‘‡˜‡”‹••—‡†„‡ˆ‘”‡–Š‡‹”ϐ‹Ž‹‰ˆ‘”„ƒ”—’–…›

Ǥ

Š‡ ’”‘„Ž‡ ‘ˆ ƒ—†‹–‘”ǯ• ”‘Ž‡ ‹ ‘– ‡™ „‡…ƒ—•‡ ‡š‹•–‡…‡ ‘ˆ Ǯ‡š’‡…–ƒ–‹‘•

‰ƒ’ǯ „‡–™‡‡ ƒ••—”ƒ…‡ ’”‘˜‹†‡† ‹ ƒ—†‹– ‘’‹‹‘ ƒ† ‡š’‡…–ƒ–‹‘• ‘ˆ ϐ‹ƒ…‹ƒŽ

•–ƒ–‡‡–•ǯ—•‡”•‹•™‡ŽŽ†‘…—‡–‡†‹’”‹‘””‡•‡ƒ”…Š‡•

ǤŠ‡”‡ƒ•‘‘ˆ‘……—””‹‰

–Š‡‰ƒ’‹•‹•—†‡”•–ƒ†‹‰–Š‡”‘Ž‡‘ˆϐ‹ƒ…‹ƒŽƒ—†‹–ȋƒ†–Š‡”‡ˆ‘”‡–Š‡”‘Ž‡‘ˆ

ƒ—†‹–‘”‡‰ƒ‰‡†‹’ƒ”–‹…—Žƒ”ƒ—†‹–ȌŽ‡ƒ†‹‰–‘‡•–ƒ„Ž‹•Š‹‰‡š’‡…–ƒ–‹‘•ˆƒ”„‡›‘†

‘„Ž‹‰ƒ–‹‘•‹’‘•‡†‘ƒ—†‹–‘”•Ǥ

Š‹•’ƒ’‡”ƒ‹•–‘‹˜‡•–‹‰ƒ–‡–Š‡”‡Žƒ–‹‘•Š‹’„‡–™‡‡ƒ—†‹–‘’‹‹‘ƒ†…‘–‹—‹–›

’”‘„Ž‡• ‘ˆ ’‘–‡–‹ƒŽ †‡„–‘”•Ǥ – ‹• ”‡ƒ•‘ƒ„Ž‡ –‘ ƒ••—‡ –Šƒ– ƒ—†‹– ‘’‹‹‘•ǡ

’”‡’ƒ”‡†„›’”‘ˆ‡••‹‘ƒŽ•Šƒ˜‹‰ƒ……‡••–‘ƒŽŽ‡˜‹†‡…‡™‹–Š‹–Š‡…‘’ƒ›ǡ•Š‘—Ž†

…‘–ƒ‹”‡“—‹”‡††‹•…Ž‘•—”‡•ƒ„‘—–ƒŽŽ’‘–‡–‹ƒŽ’”‘„Ž‡•‹…Ž—†‹‰‰‘‹‰Ǧ…‘…‡”

’”‘„Ž‡•Ǥƒ‡Ž›ǡ‰‘‹‰Ǧ…‘…‡”™ƒ”‹‰’ƒ”ƒ‰”ƒ’Š•‹–Š‡‘’‹‹‘•ǤŠ‡”‡ƒ”‡

•‡˜‡”ƒŽ Šƒ”„‹‰‡”• ‘ˆ ’‘–‡–‹ƒŽ „—•‹‡•• …‘–‹—‹–› –”‘—„Ž‡• ‹…Ž—†‹‰ ‡‰ƒ–‹˜‡

‡“—‹–›ƒ†Žƒ”‰‡‡–Ž‘••ˆ‘”–Š‡›‡ƒ”ǤŽ–Š‘—‰Š‘–‡˜‡”›…‘’ƒ›”‡…‘”†‹‰‡‰ƒ–‹˜‡

‡“—‹–›†‹•ƒ’’‡ƒ”•ˆ”‘–Š‡ƒ”‡–ǡ–Š‡‡š‹•–‡…‡‘ˆŽ‹ƒ„‹Ž‹–‹‡•„‹‰‰‡”–Šƒƒ••‡–•

‹• ‘– ™‡Ž…‘‡Ǥ —”–Š‡”‘”‡ǡ ƒ……‘”†‹‰ –‘ ‘Ž‹•Š Ž‡‰ƒŽ ˆ”ƒ‡™‘”ǡ ‹ ’ƒ”–‹…—Žƒ”

ʹͶ –‡”ƒ–‹‘ƒŽ ‡†‡”ƒ–‹‘ ‘ˆ ……‘—–ƒ–•ǡ International Standard on Auditing 570, Going Concernǡ

ʹͲͲͻǤ

ʹͷ IbidemǤ

ʹ͸ Ǥ›„‹•‹ǡǤ‹†•‘”ǡThe Efϔicacy of Auditors’ Going-Concern Opinions Compared with a Temporal and an Atemporal Bankruptcy Risk Model: Analysing U.S Trade and Service Industry Failures 1974–

1988ǡƒ…‹ϐ‹………‘—–‹‰‡˜‹‡™Ȃ‘ŽǤͳ͹ǡ‘ǤͳǡʹͲͲͶǡ’’Ǥ͵Ȃ͵͸Ǥ

ʹ͹ ‘” ‡šƒ’Ž‡ Ǥ —›ǡ Ǥ —ŽŽ‹˜ƒǡ The Expectation Gap Auditing Standardsǡ ‘—”ƒŽ ‘ˆ ……‘—–ƒ…›ǡ

‘ŽǤͳ͸ͷǡ••—‡Ͷǡͳͻͻͺǡ’’Ǥ͵͸ȂͶ͸Ǥ

ͳͶ͵

ƒ”—’–…› ƒ™

ǡ •—…Š ”‡Žƒ–‹‘•Š‹’ „‡–™‡‡ Ž‹ƒ„‹Ž‹–‹‡• ƒ† ƒ••‡–• ‹’‘•‡† ƒ

‘„Ž‹‰ƒ–‹‘‘–Š‡ƒƒ‰‡‡–„‘ƒ”†–‘•—„‹–”‡“—‡•–ˆ‘”„ƒ”—’–…›–‘–Š‡…‘—”–

”‡‰‹•–‡”Ǥ –Š‡” ’‘–‡–‹ƒŽ ™ƒ”‹‰ •‹‰ƒŽ ‹• ƒ •‹‰‹ϐ‹…ƒ– Ž‘•• ȋ™Š‹…Š  †‡ϐ‹‡† ƒ•

ͷͲΨ‘ˆ…‘’ƒ›ǯ•‡“—‹–›Ȍ•‹…‡‹–‹•ƒŽ‘•–•‹‹Žƒ”–‘‡ƒ•—”‡ƒ’’Ž‹‡†‹‘Ž‹•Š

‘‡”…‹ƒŽ‘’ƒ‹‡•‘†‡

ƒ•ƒ”‡ƒ•‘ˆ‘”ƒ†‘’–‹‘ƒ‘™‡”•ǯ”‡•‘Ž—–‹‘‘

ˆ—”–Š‡”‡š‹•–‡…‡‘ˆƒ…‘’ƒ›Ǥ

‘ ƒ…Š‹‡˜‡ –Šƒ– ‰‘ƒŽ  †‡•‹‰‡† •‡˜‡”ƒŽ ’Šƒ•‡• ‘ˆ › ”‡•‡ƒ”…ŠǤ ‹”•–ǡ  •–—†‹‡†

™Š‡–Š‡”ƒƒ—†‹–‘”•—’’‘”–‡†‹–•…Ž‹‡–„›’”‘˜‹†‹‰ƒ††‹–‹‘ƒŽ…‘•—Ž–‹‰•‡”˜‹…‡•Ǥ

‡…‘†ǡ‹˜‡•–‹‰ƒ–‡†‹ˆ–Š‡”‡™ƒ••‹‰‹ϐ‹…ƒ–†‡–‡”‹‘”ƒ–‹‘‘ˆϐ‹ƒ…‹ƒŽ•–ƒ†‹‰‘ˆ

ƒ—†‹–‘”ǯ•…Ž‹‡–‹•—„•‡“—‡–’‡”‹‘†•ǤŠ‹”†ǡƒ•…‡”–ƒ‹‡†™Š‡–Š‡”ƒƒ—†‹–‘”‹‹–•

‘’‹‹‘†‹•…Ž‘•‡•ƒ’’”‘’”‹ƒ–‡‹ˆ‘”ƒ–‹‘ƒ„‘—–’‘–‡–‹ƒŽ‰‘‹‰…‘…‡”’”‘„Ž‡•Ǥ

Š‡‡š–•‡…–‹‘‘ˆ–Š‹•’ƒ’‡”†‡˜‡Ž‘’•–Š‡Š›’‘–Š‡•‡•–‘„‡–‡•–‡†Ǥ‡…–‹‘•–Š”‡‡

ƒ†ˆ‘—”†‹•…—••–Š‡‡–Š‘†ƒ†”‡•—Ž–•ǡ”‡•’‡…–‹˜‡Ž›ǤŠ‡ϐ‹ƒŽ•‡…–‹‘•—ƒ”‹œ‡•

–Š‡™‘”ǡ†‹•…—••‡•–Š‡‹’Ž‹…ƒ–‹‘•ǡƒ†•—‰‰‡•–•†‹”‡…–‹‘•ˆ‘”ˆ—–—”‡”‡•‡ƒ”…ŠǤ

2. Auditor accuracy, independence and its inϐluence on going-concern warnings

‡Ž‹˜‡”‹‰–”—‡ƒ†ˆƒ‹”˜‹‡™ǡƒ‡–‹–›•–ƒ†‹‰ƒ†‹–•’‘••‹„‹Ž‹–›ˆ‘”…‘–‹—‹‰

‹–•ƒ…–‹˜‹–›ȋ‘””‹•‘ˆ‡ƒ”†‡ˆƒ—Ž–Ȍ‹•’‘‹–‡†–‘„‡‘‡‘ˆ–Š‡”‡ƒ•‘•‘ˆ’”‡’ƒ”‹‰

ϐ‹ƒ…‹ƒŽ •–ƒ–‡‡–•Ǥ ‹…‡ ϐ‹ƒ…‹ƒŽ •–ƒ–‡‡–•ǯ ‡š–‡”ƒŽ ƒ—†‹– ‹• ‹†‡–‹ϐ‹‡† –‘

ƒ…Š‹‡˜‡•—…Š–”—‡ƒ†ˆƒ‹”˜‹‡™‘ˆƒ‡–‹–›ǡ–Š‡‘•–‹’‘”–ƒ–’ƒ”–‘ˆƒƒ—†‹–

™‘”‹•Œ—•–•–ƒ–‹‰™ƒ”‹‰•”‡Žƒ–‡†–‘ƒ„‹Ž‹–›ˆ‘”‰‘‹‰Ǧ…‘…‡”Ǥ’”ƒ…–‹…‡ǡ–Š‡”‡

ƒ”‡ –™‘ ˆƒ…‡–• ‘ˆ ƒ—†‹– ™‘” „‡ˆ‘”‡ •–ƒ–‹‰ ‰‘‹‰Ǧ…‘…‡” ™ƒ”‹‰• ‹ ƒ—†‹–‘”ǯ•

‘’‹‹‘Ǥ ‹”•–•–‡’‹•‹˜‡•–‹‰ƒ–‹‘™Š‡–Š‡”ƒƒ—†‹–‡†‡–‹–›†‹†‡˜‡”‹’Ž‡‡–

ƒ›’”‘…‡†—”‡•–‘ƒ’’”ƒ‹•‡‹–•ƒ„‹Ž‹–›–‘…‘–‹—‡†‘‹‰„—•‹‡••Ǥ•‡…‘†•–‡’ǡ

ƒ—†‹–‘”‘—‰Š––‘…Š‡…‹ˆϐ‹ƒ…‹ƒŽ•–ƒ–‡‡–”‡ϐŽ‡…–•‡ˆˆ‡…–‘ˆ–Š‡•‡’”‘…‡†—”‡•ƒ†

‹ˆ‘”‘Ž‹‡Ž‹Š‘‘†‘ˆˆ—–—”‡†‹”‡•–”ƒ‹–•ǤŠ‡ƒ—†‹–‘”™ƒ”•ȋ˜‹ƒ‰‘‹‰Ǧ…‘…‡”

™ƒ”‹‰• ‹ ‘’‹‹‘Ȍ ϐ‹ƒ…‹ƒŽ •–ƒ–‡‡–ǯ• —•‡”• ƒ„‘—– ƒ–‡”‹ƒŽ †‡”‘‰ƒ–‹‘• ‹

–Š‡•‡ ’”‘…‡†—”‡• ‹••—‹‰ “—ƒŽ‹ˆ›‹‰ ‘” ƒ†˜‡”•‡ ‘’‹‹‘ ‘” ‡˜‡ †‹•…Žƒ‹‡” ‘ˆ

‘’‹‹‘ǤŽ–‡”ƒ–‹˜‡Ž›ǡ‹ˆƒ‡–‹–›‹•‹†ƒ‰‡”‘ˆˆƒ‹Žƒ†‹–”‡’‘”–•‹–ǡ–Š‡ƒ—†‹–‘”

‡š’”‡••‡• –Š‡ ”‹• ‘ˆ †‡ˆƒ—Ž– –Šƒ– ‹• †‹•…Ž‘•‡† ‹ ƒ—†‹–‡† ϐ‹ƒ…‹ƒŽ •–ƒ–‡‡– „›

‹…Ž—†‹‰‡’Šƒ•‹•‘ˆƒ––‡”‹–Š‡‘’‹‹‘Ǥ‡‘—‰Š––‘”‡‡„‡”–Šƒ–†‘—„–

ƒ„‘—––Š‡ƒ„‹Ž‹–›–‘…‘–‹—‡ƒ•ƒ‰‘‹‰Ǧ…‘…‡”ƒ”‹•‡•™Š‡‡–‹–›ˆƒ…‡•‘’‡”ƒ–‹‘ƒŽ

ƒ†Ȁ‘”ϐ‹ƒ…‹ƒŽ†‹ˆϐ‹…—Ž–‹‡•Ǥ…‡”–ƒ‹…‹”…—•–ƒ…‡•‹–ƒ›‡˜‡Ž‡ƒ†–‘ƒŽ‡‰ƒŽ

‘„Ž‹‰ƒ–‹‘‘ƒƒ‰‡‡–„‘ƒ”†–‘•—„‹–ƒƒ’’Ž‹…ƒ–‹‘ˆ‘”„ƒ”—’–…›Ǥ‘™‡˜‡”ǡ

†‹•…‘–‹—ƒ…‡ ’”‘„Ž‡• †‘ ‘– ƒŽ™ƒ›• ‡ƒ –Šƒ– ƒ ‡–‹–› ™‹ŽŽ „‡ ƒ •—„Œ‡…– ‘ˆ

Ž‹“—‹†ƒ–‹‘’”‘…‡†—”‡Ǥ—…Š’”‘…‡†—”‡•‘……—”‘Ž›‹‡š–”‡‡•‹–—ƒ–‹‘•Ǥ

ʹͺ •–ƒ™ƒœ†‹ƒʹͺǤͲʹǤʹͲͲ͵”‘—”ƒ™‘—’ƒ†Ï‘ä…‹‘™‡ǡœǤǤœʹͲͳ͹”Ǥ’‘œǤʹ͵ͶͶœ‡œǤ

ʹͻ •–ƒ™ƒœ†‹ƒͳͷǤͲͻǤʹͲͲͲ”‘—‘†‡••’×χŠƒ†Ž‘™›…ŠǡœǤǤœʹͲͳ͹”Ǥ’‘œǤͳͷ͹͹œ‡œǤ

ͳͶͶ

—†‹–‘”•‡š’‘•—”‡‘–™‘’‘••‹„Ž‡‹•–ƒ‡•Ž‹‡†–‘‰‘‹‰Ǧ…‘…‡”™ƒ”‹‰•Ǥˆ

–Š‡”‡‹••—…Šƒ™ƒ”‹‰ƒ†ƒƒ—†‹–‡†‡–‹–›•—„•‡“—‡–Ž›†‘‡•‘–ˆƒ‹Ž‹–‹•—•—ƒŽŽ›

…ƒŽŽ‡†Ǯ–›’‡‡””‘”ǯǤ‘–”ƒ”›™Š‡ƒ—†‹–‘”‘‹–•‰‘‹‰Ǧ…‘…‡”™ƒ”‹‰’ƒ”ƒ‰”ƒ’Š

‹–Š‡‘’‹‹‘ƒ†ƒ‡–‹–›‹–‹•…ƒŽŽ‡†Ǯ–›’‡‡””‘”ǯǤ–‹•’”‘˜‡–Šƒ–‹‘•–…ƒ•‡•

–›’‡‡””‘”•‰‡‡”ƒ–‡—…Š‘”‡•‡˜‡”‡”‡’‡”…—••‹‘•

Ǥ

—‡–‘”‹•‘ˆ†‹•…‘–‹—‹–›ȋ‹–Š‡”‡ƒ•‘ƒ„Ž‡ˆ—–—”‡’‡”‹‘††‡ϐ‹‡†ƒ••—„•‡“—‡–

ͳʹ ‘–Š• ƒˆ–‡” „ƒŽƒ…‡ •Š‡‡– †ƒ›Ȍ ƒ—†‹–‘”ǯ• ‹†‡’‡†‡…‡ ‹• ƒ ‡› ˆƒ…–‘”

ƒˆˆ‡…–‹‰ƒ„‹Ž‹–›ˆ‘”‹••—‹‰—„‹ƒ•‡†“—ƒŽ‹ϐ‹‡†‘”ƒ†˜‡”•‡‘’‹‹‘‘”†‹•…Žƒ‹‡”‘ˆ

‘’‹‹‘ǤŠ‡”‡‹•’‘–‡–‹ƒŽ”‡Žƒ–‹‘•Š‹’„‡–™‡‡–Š‡ˆ‡‡•”‡…‡‹˜‡†„›ƒ—†‹–‘”•ƒ†

‹†‡’‡†‡…‡Ǥ›‘’‹‹‘–Š‡”‡‹•ƒ”‹•–Šƒ–ˆ‡‡•ƒˆˆ‡…–‹–ƒ–Ž‡ƒ•––™‘ˆ‘Ž†Ǥ —–—”‡

ˆ‡‡•”‡Žƒ–‡–‘–Š‡”‹•‘ˆŽ‘•‹‰–Š‡ƒˆ–‡”ƒ—†‹–•™‹–…Šǡ™Š‹Ž‡’”‡•‡–ˆ‡‡•†‡ϐ‹‡–Š‡

•…‘’‡‘ˆ…—””‡–ƒ—†‹–ǤŠ‡”‡‹•ƒ‘„•‡”˜ƒ„Ž‡‹–‡”ƒ…–‹‘–Šƒ–Š‹‰ŠŽ‡˜‡Žˆ‡‡ƒŽŽ‘™•

ƒ—†‹–‘” –‘ ‡’Ž‘› ƒ’’”‘’”‹ƒ–‡ ”‡•‘—”…‡• ȋ‡˜‡ —•‹‰ ‡š–‡”ƒŽ ’”‘ˆ‡••‹‘ƒŽ•ȌǤ

‘™‡˜‡”ǡ–Šƒ–Š‹‰ŠŽ‡˜‡Ž‘ˆˆ‡‡ƒ›‘˜‡–‘™ƒ”†•†‡ˆ‡†‹‰–Š‡ƒ†…‘•‡“—‡–Ž›

ƒ› Ž‡ƒ† –‘ ‡ƒ•‡ ƒ—†‹–‘”ǯ• ƒ’’”ƒ‹•ƒŽ ‘˜‡” ƒ—†‹–‡† ‡–‹–›Ǥ † ϐ‹ƒŽŽ›ǡ ƒ› ‡”‘†‡

ƒ—†‹–‘”ǯ•‹‡”•–”‡‰–Š–‘”‡’‘”–•‹‰‹ϐ‹…ƒ–†‹ˆϐ‹…—Ž–‹••—‡•†‡–‡…–‡††—”‹‰ƒ—†‹–Ǥ

Š‡”‡ ƒ”‡ †‹ˆˆ‡”‡– …‘…‡’–• •‡– –‘ •–”‡‰–Š‡ ƒ—†‹–‘”ǯ• ‹†‡’‡†‡…‡Ǥ ‘‰

‘–Š‡”•ǡ†‹•…Ž‘•—”‡‘ˆƒ—†‹–‘”ǯ•ˆ‡‡•‹•ƒ–‘‘Žǡ™Š‹…Šƒ›ƒ••‡••‹†‡’‡†‡…‡•„›

–Š‡ϐ‹ƒ…‹ƒŽ•–ƒ–‡‡–•ǯ—•‡”•ǡ„‡…ƒ—•‡‹ƒŽŽ‡ƒ”‹‰•”‡…‡‹˜‡†„›ƒ—†‹–ϐ‹”ƒ”‡

†‹˜‹†‡†‘ƒ—†‹–ƒ†‘Ǧƒ—†‹–•‡”˜‹…‡•Ǥ……‘”†‹‰–‘–Š‡‡š–‡†–Š‡‘”›ƒ—†‹–‘”ǯ•

‹†‡’‡†‡…‡™‹ŽŽ„‡Š‹‰Š‡”™Š‡ƒ—†‹–ˆ‡‡•ƒ”‡†‹•…Ž‘•‡†…‘’ƒ”‡†–‘–Š‡…ƒ•‡

‹™Š‹…Š–Š‡ˆ‡‡•ƒ”‡‘–†‹•…Ž‘•‡†

Ǥ—…Šƒ‘„Ž‹‰ƒ–‹‘Šƒ•„‡‡‹…Ž—†‡†‹Ž‡‰ƒŽ

”‡“—‹”‡‡–•‘ˆƒ›…‘—–”‹‡•ˆ‘”‡šƒ’Ž‡‹‘Ž‹•Š……‘—–‹‰…–

Ǥ

‰‘‹‰Ǧ…‘…‡”ƒ—†‹–‘’‹‹‘‘ˆ–‡”‡•—Ž–•‹•‹‰‹ϐ‹…ƒ–‡…‘‘‹……‘•‡“—‡…‡•

–‘ ƒ …‘’ƒ›ǡ •—…Š ƒ• ‡‰ƒ–‹˜‡ •–‘… ”‡–—”• ƒ† ƒ ‹…”‡ƒ•‡† Ž‹‡Ž‹Š‘‘† ‘ˆ

„ƒ”—’–…›

Ǥ ˆ …‘—”•‡ǡ –Š‡”‡ ‹‰Š– „‡ ‘–Š‡” –Šƒ ‹†‡’‡†‡…‡ ˆƒ…–‘”• –Šƒ–

‹ϐŽ—‡–‘ƒ—†‹–‘’‹‹‘Ǥ‘‰ƒ›‘ˆ–Š‡‹–‹••‘‡–‹‡•ƒ”‹•‡–Šƒ–ƒ—†‹–‘”•

ƒ‡‹•–ƒ‡•†—‡–‘Žƒ…‘ˆ…‘’‡–‡…‡•ƒ†‹•—†‡”•–ƒ†‹‰‘ˆƒ—†‹–‡†‡–‹–›

Ǥ

‡…‘†ǡ–Š‡”‡ƒ›„‡ƒ—†‹––‡…Š‘Ž‘‰›‹’Ž‡‡–‡†„›ƒ—†‹–ϐ‹”Ǥ‡š–‡šƒ’Ž‡

…ƒ—•‡ …Ž‘•‡Ž› ”‡Žƒ–‡• –‘ ƒ—†‹– –‡…Š‘Ž‘‰›Ǥ – ‹• –Š‡ ”ƒ‰‡ ‘ˆ —•ƒ‰‡ ’”‘ˆ‡••‹‘ƒŽ

Œ—†‰‡–‘ˆƒ‹†‹˜‹†—ƒŽ†—”‹‰’”‡’ƒ”‹‰ƒ—†‹–‘”ǯ•‘’‹‹‘

Ǥ —”–Š‡”ǡ‹–‹‰Š–„‡

ƒ—†‹–‹‰ϐ‹”•‹œ‡–Šƒ–ƒˆˆ‡…–•ˆ‘”‘ˆ‘’‹‹‘ǡ„‡…ƒ—•‡‹–‹•‰‡‡”ƒŽŽ›ƒ……‡’–‡†–Šƒ–

Šƒ˜‹‰—‡”‘—•‡‰ƒ‰‡‡–•ȋƒ†–Š‡”‡ˆ‘”‡„‡‹‰Žƒ”‰‡”‡–‹–›Ȍƒ‡•ƒ—†‹–‹‰

ϐ‹” Ž‡•• †‡’‡†‡– ‘ ‹†‹˜‹†—ƒŽ …Ž‹‡–Ǣ –Š‘—‰Š †‡…Ž‹‡• ”‡Ž—…–ƒ…‡ ‘ˆ ‹••—‹‰

͵Ͳ ǤǦǤ ƒ‹ǡ Audit Opinion and Disclosure of Audit Feesǡ ‘—”ƒŽ ‘ˆ ……‘—–‹‰ǡ —†‹–‹‰ Ƭ ‹ƒ…‡ǡ

‘ŽǤʹͶǡ••—‡ͳǡʹͲͲͻǡ’’ǤͻͳȂͳͳͶǤ

͵ͳ IbidemǤ

͵ʹ •–ƒ™ƒœ†‹ƒʹͻǤͲͻǤͳͻͻͶ”‘—‘”ƒ…Š—‘™‘ä…‹ǡœǤǤœʹͲͳͺ”Ǥ’‘œǤ͵ͻͷœ‡œǤ

͵͵ Ǥ ƒ—•ƒ”ǡ Ǥ ƒˆϐŽ‡”ǡ Ǥ ƒǡ The going-concern market anomalyǡ ‘—”ƒŽ ‘ˆ ……‘—–‹‰ ‡•‡ƒ”…Šǡ

‘ŽǤͶ͹ǡ‘ǤͳǡʹͲͲͻǡ’’Ǥʹͳ͵Ȃʹ͵ͻǤ

͵Ͷ Ǥ—–…ŠŽ‡”ǡAuditor‘s Perceptions of the Going-Concern Opinion Decisionǡ—†‹–‹‰ǣ ‘—”ƒŽ‘ˆ”ƒ…–‹Ǧ …‡ƬŠ‡‘”›ǡ‘ŽǤ͵ǡ••—‡ʹǡͳͻͺͶǡ’’Ǥͳ͹Ȃ͵ͲǤ

͵ͷ Ǥ—–…ŠŽ‡”ǡǤ‹ŽŽ‹ƒ•ǡThe Relationship Between Audit Technology, Client Risk Proϔiles, and the Going- -Concern Opinion Decisionǡ ‘—”ƒŽ‘ˆ”ƒ…–‹…‡ƬŠ‡‘”›ǡ‘ŽǤͻǡ‘Ǥ͵ǡͳͻͻͲǡ’’Ǥ͵ͻȂͷͶǤ

ͳͶͷ

‘’‹‹‘…‘–ƒ‹‹‰‰‘‹‰Ǧ…‘…‡”™ƒ”‹‰Ǥ”ϐ‹ƒŽŽ›‹–ƒ›„‡„ƒ”‰ƒ‹‹‰’‘™‡”‘ˆ

ƒ—†‹–‘”Ȃ–Š‡ƒ„‹Ž‹–›–‘™‹–Š•–ƒ†’”‡••—”‡’Žƒ…‡†‘Š‹ȋ‘”Š‡”Ȍ’Žƒ…‡†„›ƒ—†‹–‡†

‡–‹–›Ǥ‘™‡˜‡”ǡ•—…Š–Š‡’”‡••—”‡‘ˆƒ—†‹–•™‹–…Šƒˆ–‡”‹••—‹‰“—ƒŽ‹ϐ‹‡†‘”ƒ†˜‡”•‡

‘’‹‹‘‹•‘ˆ–‡•‘ˆ–‡‡†Ǥˆƒ—†‹–‡†‡–‹–›†‡…‹†‡•–‘•™‹–…Šƒ—†‹–‘”ƒˆ–‡””‡…‡‹˜‹‰

“—ƒŽ‹ϐ‹‡†‘”ƒ†˜‡”•‡‘’‹‹‘ǡ‹–ƒ›„‡’‡”…‡‹˜‡†ƒ•ƒ‡–‹–›–Šƒ–‹•‘–ƒ„Ž‡–‘

•–ƒ†—’Š‹‰Š•–ƒ†ƒ”†•‘ˆ•…”—–‹›‘ˆ’”‡˜‹‘—•ƒ—†‹–‘”‘Ž‘‰‡”

ǤŽ–Š‘—‰Š‹–‹•

‘–ƒ’’Ž‹…ƒ„Ž‡–‘–Š‡…‘’ƒ‹‡••‹‰‹‰ƒ—†‹–…‘–”ƒ…–•ˆ‘”•‡˜‡”ƒŽ›‡ƒ”•ǡ‹–ƒ›•–‹ŽŽ

”‡Žƒ–‡–‘–Š‡•‡‡–‹–‹‡•–Šƒ–—•—ƒŽŽ›•‹‰‘‡Ǧ›‡ƒ”…‘–”ƒ…–•Ǥ

‘–™‹–Š•–ƒ†‹‰ǡ–Š‡”‡ƒ”‡‘Ǧƒ—†‹–•‡”˜‹…‡•ȋ’”‘˜‹†‡†„›ƒ—†‹–‹‰ϐ‹”Ȍ–Šƒ–Ž‡ƒ†

–‘”‹•‹‰‘„Œ‡…–‹‘•‘–Š‡‰‘‹‰Ǧ…‘…‡”™ƒ”‹‰•ǤŠ‡‘•–‡’Šƒ•‹œ‡†’”‘„Ž‡

‹Ž‹–‡”ƒ–—”‡”‡Žƒ–‡•–‘ƒ„‹Ž‹–›‘ˆ•–ƒ–‹‰ƒ’’”‘’”‹ƒ–‡‰‘‹‰Ǧ…‘…‡””‹•‹‘’‹‹‘

„‡…ƒ—•‡ ‘ˆ ’”‘„ƒ„Ž‡ Žƒ… ‘ˆ ‹†‡’‡†‡…‡ ƒ† ‘„Œ‡…–‹˜‹•Ǥ Š‡•‡ ‹†‡’‡†‡…‡

ƒ†‘„Œ‡…–‹˜‹•‡”‘†‡ȋ‘”ƒ–Ž‡ƒ•–ƒ”‡’‡”…‡‹˜‡†ƒ•„‡‡‡”‘†‡†Ȍ™Š‡–Š‡ƒ—†‹–‹‰

ϐ‹”•‡”˜‡••‡”˜‹…‡•‡•’‡…‹ƒŽŽ›”‡Žƒ–‡†–‘„‘‘‡‡’‹‰ǡ‹–‡”ƒŽƒ—†‹–ǡ–ƒš’Žƒ‹‰ǡ

”‡•–”—…–—”‹‰ ‘” „—•‹‡•• …‘•—Ž–‹‰Ǥ —†‹– ϐ‹”• —•—ƒŽŽ› ™‘—Ž† Ž‹‡ –‘ ‘„–ƒ‹

•—„•‡“—‡–ȋ—•—ƒŽŽ›Ž—…”ƒ–‹˜‡Ȍ‘Ǧƒ—†‹–•‡”˜‹…‡•ƒ†•‘‡’”‹‘””‡•‡ƒ”…Š’”‘˜‡

–Šƒ– –Š‡› …‘•‹†‡” •ƒ…”‹ϐ‹…‹‰ ‹†‡’‡†‡…‡ ‹ ‡š…Šƒ‰‡ ˆ‘” ƒ††‹–‹‘ƒŽ ˆ—–—”‡

‡ƒ”‹‰•™Š‹Ž‡‘–Š‡”•Šƒ˜‡ˆ‘—†‘‹ϐŽ—‡…‡‘’‡”…‡’–‹‘‘ˆ–Š‡‹”‹†‡’‡†‡…‡

͵͹

Ǥ‹…‡ƒŒ‘”‹–›‘ˆ–Š‡Ž‹–‡”ƒ–—”‡…‘…Ž—†‡–Šƒ–’”‘˜‹†‹‰‘Ǧƒ—†‹–•‡”˜‹…‡•Šƒ•

ƒ‡‰ƒ–‹˜‡‹ϐŽ—‡…‡‘ƒ—†‹–‘”ǯ•‹†‡’‡†‡…‡ƒ†‘‡‘ˆ–Š‡…‘–‡’‘”ƒ”›ƒ—†‹–

”‘Ž‡‹•†‡˜‡Ž‘’‹‰–‘™ƒ”†•‡ƒ”Ž›™ƒ”‹‰‘†‡Žˆ‘”—Žƒ–‡†–™‘Š›’‘–Š‡•‡•ǣ H1: There is a relationship between continuity problems evidenced by bankruptcies and going-concern warnings (GCW) errors (Type II) in most recent audit opinion.

H2: There is a signiϔicant relationship between GCW in audit opinion and non-audit fee existence.

3. Method, results

‹˜‡•–‹‰ƒ–‡†‡’‹”‹…ƒŽ†ƒ–ƒǡ™Š‹…Šƒ”‡„ƒ•‡†‘•ƒ’Ž‡‘ˆϐ‹ƒ…‹ƒŽ”‡’‘”–•‘ˆŽ‹•–‡†

…‘’ƒ‹‡•ƒ•™‡ŽŽƒ•ƒ—†‹–‘”•ǯ‘’‹‹‘•‘–Š‡”‡’‘”–•™‹–Š•’‡…‹ƒŽ”‡‰ƒ”†‘ˆ‰‘‹‰Ǧ …‘…‡”™ƒ”‹‰•‹ƒ’’”‘’”‹ƒ–‡•‡…–‹‘•‹–Š‡•‡ƒ—†‹–‘”•ǯ‘’‹‹‘•Ǥ›”‡•‡ƒ”…Š

ˆ‘” …‘’ƒ‹‡• ™Š‹…Š ƒƒ‰‡‡– „‘ƒ”†•ǯ •—„‹––‡† ”‡“—‡•– ˆ‘” „ƒ”—’–…› –‘

–Š‡…‘—”–”‡‰‹•–‡”‡š–‡†‡†ˆ”‘ ƒ—ƒ”›ͳǡʹͲͲͻ–Š”‘—‰Š‡…‡„‡”͵ͳǡʹͲͳ͵ǤŠ‡

•ƒ’Ž‡…‘•‹•–•‘ˆ’—„Ž‹…Ž›Š‡Ž†…‘’ƒ‹‡•“—‘–‡†‘ƒ‹ƒ”‡–‘”‡™‘‡…–

ƒ”‡– ‘ˆ ƒ”•ƒ™ –‘… š…Šƒ‰‡ ȋ‘Žƒ†Ȍ ƒ† ‘‡ ‘ˆ –Š‡•‡ …‘’ƒ‹‡• ™ƒ•

ƒϐ‹ƒ…‹ƒŽ‹•–‹–—–‹‘Ǥˆ–‡”‹†‡–‹ˆ›‹‰‹‹–‹ƒŽ•ƒ’Ž‡…Žƒ••‹ϐ‹‡†„››‡ƒ”‹™Š‹…Š

„ƒ”—’–…›‘……—””‡†ǡƒ””‘™‡†›•–—†›–‘‡–‹–‹‡•”‡‰‹•–‡”‡†‹‘Ž‹•Š”‡‰‹•–”›

͵͸ Ǥƒ”‡•ǡThe auditor’s going concern decision and Types I and II errors: The Coase Theorem, transacti- on costs, bargaining power and attempts to misleadǡ ‘—”ƒŽ‘ˆ……‘—–‹‰ƒ†—„Ž‹…‘Ž‹…›ǡ‘ŽǤʹ͵ǡ

••—‡͸ǡʹͲͲͶǡ’’ǤͶͳͷȂͶͶͲǤ

͵͹ Ǥƒ™ǡAn empirical comparison of non-Big 4 and Big 4 auditors’ perceptions of auditor independenceǡ

ƒƒ‰‡”‹ƒŽ—†‹–‹‰ ‘—”ƒŽǡ‘ŽǤʹ͵ǡ••—‡ͻǡʹͲͲͺǡ’’Ǥͻͳ͹Ȃͻ͵ͶǤ

ͳͶ͸

…‘—”–•ƒ†‡Ž‹‹ƒ–‡†ˆ‘”‡‹‰…‘’ƒ‹‡•Ž‹•–‡†‘ƒ”•ƒ™–‘…š…Šƒ‰‡Ǥ ‹ƒŽ

•ƒ’Ž‡‡…‘’ƒ••‡•ͷͻ…‘’ƒ‹‡•–Šƒ–•—„‹––‡†”‡“—‡•–ˆ‘”„ƒ”—’–…›„‡–™‡‡

ƒ—ƒ”›ͳǡʹͲͲͻƒ†‡…‡„‡”͵ͳǡʹͲͳ͵ȋ•‡‡–ƒ„Ž‡ͳȌǤ

Table 1. Final sample of companies which management boards’ submitted request for bankrupt- cy to the court register extended from January 1, 2009 through December 31, 2013

No. Name

Date of request for bankruptcy to the court register

Date of most recent ϐinancial statement

ͳ ƒ–‡˜‡Ž‘’‡– ʹͲͳ͵ǦͳͲǦͳͳ ʹͲͳʹǦͳʹǦ͵ͳ

ʹ –‡”‡–‘™›‘†”‘™‹ƒ ʹͲͳ͵ǦͳͲǦͲͻ ʹͲͳʹǦͳʹǦ͵ͳ

͵  ʹͲͳ͵ǦͳͲǦͲͻ ʹͲͳʹǦͳʹǦ͵ͳ

Ͷ ‡…—”‹–››•–‡–‡‰”ƒ–‹‘ ʹͲͳ͵ǦͳͲǦͲͳ ʹͲͳ͵ǦͲͻǦ͵Ͳ

ͷ Ƭ‹‘ ʹͲͳ͵ǦͲͻǦʹ͸ ʹͲͳʹǦͳʹǦ͵ͳ

͸ —”‘’‡Œ•‹ —†—•œ‹’‘–‡…œ› ʹͲͳ͵ǦͲͺǦͳͶ ʹͲͳʹǦͳʹǦ͵ͳ

͹  ʹͲͳ͵ǦͲͺǦͳ͵ ʹͲͳʹǦͳʹǦ͵ͳ

ͺ ‹…Š–‡”‡† ʹͲͳ͵ǦͲ͹Ǧ͵ͳ ʹͲͳʹǦͳʹǦ͵ͳ

ͻ  ʹͲͳ͵ǦͲͺǦͲͳ ʹͲͳʹǦͳʹǦ͵ͳ

ͳͲ —†‘’‘ŽǦ”‘…σ™ ʹͲͳ͵ǦͲ͹Ǧʹͻ ʹͲͳʹǦͳʹǦ͵ͳ

ͳͳ ‡†‹ƒ–‡Ž ʹͲͳ͵ǦͲ͹Ǧͳ͸ ʹͲͳʹǦͳʹǦ͵ͳ

ͳʹ ‘–ƒ ʹͲͳ͵ǦͲ͸Ǧʹͺ ʹͲͳʹǦͳʹǦ͵ͳ

ͳ͵ ‘‘‡–”— ʹͲͳ͵ǦͲ͸Ǧʹͷ ʹͲͳʹǦͳʹǦ͵ͳ

ͳͶ †‡‘ ʹͲͳ͵ǦͲͶǦͲ͵ ʹͲͳʹǦͳʹǦ͵ͳ

ͳͷ ‘–‘””ƒ†‡‘’ƒ› ʹͲͳ͵ǦͲͳǦ͵ͳ ʹͲͳʹǦͳʹǦ͵ͳ

ͳ͸ Ƭ ʹͲͳ͵ǦͲͳǦ͵Ͳ ʹͲͳʹǦͳʹǦ͵ͳ

ͳ͹ ‘„‡– ʹͲͳ͵ǦͲͳǦͲͻ ʹͲͳʹǦͳʹǦ͵ͳ

ͳͺ —”‘ƒ”‘Ž•ƒ ʹͲͳʹǦͳͳǦʹͻ ʹͲͳʹǦͲͺǦ͵ͳ

ͳͻ ‘‘Žƒ”‡–‹‰ ʹͲͳʹǦͳͳǦʹͻ ʹͲͳͳǦͳʹǦ͵ͳ

ʹͲ ›”‡– ʹͲͳʹǦͳͳǦʹͺ ʹͲͳͳǦͳʹǦ͵ͳ

ʹͳ ƒ•’‘Ž ʹͲͳʹǦͳͳǦʹͺ ʹͲͳͳǦͳʹǦ͵ͳ

ʹʹ ƒ„”›ƒƒ•œ›Ôי ʹͲͳʹǦͳͳǦʹ͵ ʹͲͳͳǦͳʹǦ͵ͳ

ʹ͵ ƒŽŽʹ…–‹‘ ʹͲͳʹǦͳͳǦͳͷ ʹͲͳͳǦͳʹǦ͵ͳ

ʹͶ ƒ”–‡š ʹͲͳʹǦͳͳǦͳͶ ʹͲͳͳǦͳʹǦ͵ͳ

ʹͷ ‹”‡…–‡‡”˜‹…‡• ʹͲͳʹǦͳͲǦʹ͵ ʹͲͳͳǦͳʹǦ͵ͳ

ʹ͸ ‘Ž•‹‡ ƒ†Ï‘ ʹͲͳʹǦͲͻǦʹͺ ʹͲͳͳǦͳʹǦ͵ͳ

ͳͶ͹

No. Name

Date of request for bankruptcy to the court register

Date of most recent ϐinancial statement

ʹ͹ —†—• ʹͲͳʹǦͲͻǦʹͺ ʹͲͳͳǦͳʹǦ͵ͳ

ʹͺ Ž–‡”…‘ ʹͲͳʹǦͲͻǦʹͷ ʹͲͳͳǦͳʹǦ͵ͳ

ʹͻ Ǥ–‡”‡– ʹͲͳʹǦͲͻǦʹͳ ʹͲͳͳǦͳʹǦ͵ͳ

͵Ͳ ‡Ž‹‰ƒ‡˜‡Ž‘’‡– ʹͲͳʹǦͲͻǦͳͺ ʹͲͳͳǦͳʹǦ͵ͳ

͵ͳ ‡”‰‘‘–ƒĂǦ‘Ï—†‹‡ ʹͲͳʹǦͲͺǦͳͲ ʹͲͳͳǦͳʹǦ͵ͳ

͵ʹ ‹Ž„‘ ʹͲͳʹǦͲ͹Ǧͳͻ ʹͲͳͳǦͳʹǦ͵ͳ

͵͵ ‘‹ ʹͲͳʹǦͲ͹ǦͳͲ ʹͲͳͳǦͳʹǦ͵ͳ

͵Ͷ ‘Ž‹† ʹͲͳʹǦͲ͸Ǧʹͻ ʹͲͳͳǦͳʹǦ͵ͳ

͵ͷ  ʹͲͳʹǦͲ͸ǦͲͶ ʹͲͳͳǦͳʹǦ͵ͳ

͵͸ ›†”‘„—†‘™ƒ‘Ž•ƒ ʹͲͳʹǦͲ͸ǦͲͶ ʹͲͳͳǦͳʹǦ͵ͳ

͵͹ ‘Ž‘䎦•‹‡—”‘™…‡ƒŽ‡ ʹͲͳʹǦͲͶǦͲ͸ ʹͲͳͳǦͳʹǦ͵ͳ

͵ͺ –ƒ—• ʹͲͳʹǦͲͶǦͲ͸ ʹͲͳͳǦͳʹǦ͵ͳ

͵ͻ ™ƒœŒƒ’… ʹͲͳʹǦͲ͵Ǧ͵Ͳ ʹͲͳͳǦͳʹǦ͵ͳ

ͶͲ —†‘•–ƒŽǦͷ ʹͲͳͳǦͳʹǦ͵Ͳ ʹͲͳͲǦͳʹǦ͵ͳ

Ͷͳ †˜ƒ†‹• ʹͲͳͳǦͳͲǦͳͶ ʹͲͳͲǦͳʹǦ͵ͳ

Ͷʹ ƒ‰‘ ʹͲͳͳǦͳͳǦͲʹ ʹͲͳͲǦͳʹǦ͵ͳ

Ͷ͵ ”‡™‡š ʹͲͳͳǦͳͲǦͲʹ ʹͲͳͲǦͳʹǦ͵ͳ

ͶͶ ”‘‡– ʹͲͳͳǦͲ͸Ǧʹ͹ ʹͲͳͲǦͳʹǦ͵ͳ

Ͷͷ —–ƒœÏƒ‘•’‘†ƒ”…œ‡‰‘”‡ƒ ʹͲͳͲǦͲͻǦͳ͹ ʹͲͲͻǦͳʹǦ͵ͳ

Ͷ͸ –‡”‡–”‘—’ ʹͲͳͲǦͲͺǦͳͻ ʹͲͲͻǦͳʹǦ͵ͳ

Ͷ͹ ‘Ž”‡•– ʹͲͳͲǦͲ͹ǦͲ͹ ʹͲͲͻǦͳʹǦ͵ͳ

Ͷͺ ™ƒ”œ¸†œ‡„Ž‡ ʹͲͳͲǦͲͷǦͳͻ ʹͲͲͻǦͳʹǦ͵ͳ

Ͷͻ ”œ‡Ï ʹͲͳͲǦͲͷǦʹ͹ ʹͲͲͻǦͳʹǦ͵ͳ

ͷͲ ”—’ƒ‘Žƒ•–›ƒ ʹͲͳͲǦͲ͵Ǧͳͳ ʹͲͲͻǦͳʹǦ͵ͳ

ͷͳ ‡…Š‡š ʹͲͲͻǦͳͲǦͳͷ ʹͲͲͺǦͳʹǦ͵ͳ

ͷʹ ƒÏƒ†›ƒ’”ƒ™…œ‡ƒ„‘”—‘Ž‡Œ‘™‡‰‘

™Oƒ’ƒ…Š ʹͲͲͻǦͲ͸Ǧͳͻ ʹͲͲͺǦͳʹǦ͵ͳ

ͷ͵ ”‘‘š‡…Š‘Ž‘‰› ʹͲͲͻǦͲͷǦʹ͹ ʹͲͲͺǦͳʹǦ͵ͳ

ͷͶ Ž—ƒ•– ʹͲͲͻǦͲͷǦͳͻ ʹͲͲͺǦͳʹǦ͵ͳ

ͷͷ ‘ƒ”‹”ƒ†‡ ʹͲͲͻǦͲͷǦͲͺ ʹͲͲͺǦͳʹǦ͵ͳ

ͷ͸ ‘Ž•‹‘…‡”‹¸•›—†ƒ ʹͲͲͻǦͲ͵Ǧʹͷ ʹͲͲͺǦͳʹǦ͵ͳ

Table 1 – continued

ͳͶͺ

No. Name

Date of request for bankruptcy to the court register

Date of most recent ϐinancial statement

ͷ͹ ”‘䐋‡Ñ•‹‡—–›œÏƒ”‘•‘ ʹͲͲͻǦͲʹǦͲͳ ʹͲͲͺǦͳʹǦ͵ͳ

ͷͺ ϐ‹•‘Ž•ƒ ʹͲͲͻǦͲʹǦͳ͹ ʹͲͲͺǦͳʹǦ͵ͳ

ͷͻ †Ž‡™‹‡‘Ž•‹‡ ʹͲͲͻǦͲͳǦͳ͸ ʹͲͲͺǦͳʹǦ͵ͳ

‘—”…‡ǣ‘™™‘”„ƒ•‡†‘‘–‘”‹ƒ‡”™‹•ǡ”‘ˆ‡••‹‘ƒŽƒ†ƒ–‹‘ƒŽ‘—”–‡‰‹•–‡”ȋȌǤ

ˆ–‡”‹†‡–‹ˆ›‹‰ϐ‹ƒŽ•ƒ’Ž‡ǡƒƒŽ›•‡†…‘’ƒ‹‡•ǯϐ‹ƒ…‹ƒŽ•–ƒ–‡‡–•ˆ‘”–Š‡‘•–

”‡…‡–„ƒŽƒ…‡•Š‡‡–†ƒ›ƒ•™‡ŽŽƒ•ƒ—†‹–‘”•ǯ‘’‹‹‘•‘–Š‡•‡•–ƒ–‡‡–•Ǥ ‹ƒ…‹ƒŽ

•–ƒ–‡‡–•ƒ†ƒ—†‹–‘”•ǯ‘’‹‹‘•™‡”‡†‘™Ž‘ƒ†‡†ˆ”‘…‘’ƒ‹‡•ǯ–‡”‡–•‹–‡•ǡ

 Ȁ  ”‡’‘”–‹‰ •›•–‡ ‘”  ȋ‡”‰‹‰ ƒ”‡–• ˆ‘”ƒ–‹‘ ‡”˜‹…‡•Ȍ

†ƒ–ƒ„ƒ•‡Ǥ ˆ–‡” †‡Ž‡–‹‰ ‘„•‡”˜ƒ–‹‘• ™‹–Š ‹••‹‰ ˜ƒŽ—‡•ǡ –Š‡ •ƒ’Ž‡ …‘•‹•–• ‘ˆ

ͷͶƒ—†‹–‘”•ǯ‘’‹‹‘•‘ϐ‹ƒ…‹ƒŽ•–ƒ–‡‡–•‘ˆ‡–‹–‹‡•”‡“—‡•–‹‰ˆ‘”„ƒ”—’–…›‘ˆ

™Š‹…Šʹͷ†‹†‘–‹…Ž—†‡†‰‘‹‰Ǧ…‘…‡”™ƒ”‹‰•ȋ•‡‡‰”ƒ’Šͳƒ†‰”ƒ’ŠʹȌǤ

Graph 1. Number of auditors’ opinions with / without going-concern warnings on companies declared bankruptcy

With GCW 29 Without GCW 25

‘—”…‡ǣ‘™™‘”„ƒ•‡†‘‘–‘”‹ƒ‡”™‹•ƒ†”‘ˆ‡••‹‘ƒŽǤ

Graph 2. Percentage share of auditors’ opinions with / without going-concern warnings on companies declared bankruptcy

With GCW 54%

Without GCW 46%

‘—”…‡ǣ‘™™‘”„ƒ•‡†‘‘–‘”‹ƒ‡”™‹•ƒ†”‘ˆ‡••‹‘ƒŽǤ Table 1 – continued

ͳͶͻ

‘˜‡”‹ˆ›Œ—•–‹ϐ‹…ƒ–‹‘ˆ‘”…‘‹––‹‰›’‡‡””‘”„›ƒƒ—†‹–‘”ȋˆ‘”‹‰‘’‹‹‘

™‹–Š‘—– ‰‘‹‰Ǧ…‘…‡” ™ƒ”‹‰• ˆ‘” •—„•‡“—‡–Ž› „ƒ”—’–‡† …‘’ƒ‹‡•Ȍ

 ƒ••—‡† –Šƒ– ƒ‘‰ ‘–Š‡”• –Š‡”‡ ƒ”‡ ƒ– Ž‡ƒ•– –‘ ‡˜‹†‡– ϐ‹ƒ…‹ƒŽ •‹‰ƒŽ• –Šƒ–

ƒ› ‹†‹…ƒ–‡ •–”‘‰ ϐ‹ƒ…‹ƒŽ †‹•–”‡••Ǥ ””‡•’‡…–‹˜‡ ‘ˆ ‹’Ž‡‡–‡† ƒ……‘—–‹‰

ˆ”ƒ‡™‘”–Š‡•‡ƒ”‡ǣ

Ȉ ‡‰ƒ–‹˜‡˜ƒŽ—‡‘ˆ…‘’ƒ‹‡•ǯ‡“—‹–›…ƒ’‹–ƒŽǡ

Ȉ ‡–Ž‘••ˆ‘”–Š‡›‡ƒ”™Š‹…Šƒ„•‘Ž—–‡˜ƒŽ—‡‡š…‡‡†•ƒ–Ž‡ƒ•–ͷͲΨ‘ˆ…‘’ƒ‹‡•ǯ

‡“—‹–›ȋ†‡ϐ‹‡†ƒ••‹‰‹ϐ‹…ƒ–‡–Ž‘••ȌǤ

”‹‘” ”‡•‡ƒ”…Š …‘…‡–”ƒ–‡• ‘ˆ †‹ˆˆ‡”‡– •‹‰ƒŽ• –Šƒ– ™ƒ” ƒ„‘—– Ž‹‡Ž› ˆ—–—”‡

ϐ‹ƒ…‹ƒŽ†‹ˆϐ‹…—Ž–‹‡•Ǥ‘‰‘–Š‡”•–Š‡”‡ƒ›„‡ˆ‘”‡šƒ’Ž‡‘’‡”ƒ–‹‰Ž‘••ǡ‡‰ƒ–‹˜‡

™‘”‹‰…ƒ’‹–ƒŽǡ‡‰ƒ–‹˜‡”‡–ƒ‹‡†‡ƒ”‹‰•ˆ‘”Žƒ•––Š”‡‡›‡ƒ”•

Ǥ‡‰ƒ–‹˜‡˜ƒŽ—‡‘ˆ

‡–‹–›ǯ•‡“—‹–›…ƒ’‹–ƒŽ•‡‡•–‘„‡‰‘‘†ˆ—–—”‡ϐ‹ƒ…‹ƒŽ†‹ˆϐ‹…—Ž–‹‡•‹†‹…ƒ–‘”„‡…ƒ—•‡

…‘’ƒ‹‡• ™‹–Š Ž‹ƒ„‹Ž‹–‹‡• –Šƒ– ‡š…‡‡† –‘–ƒŽ ƒ••‡–• ƒ› Šƒ˜‡ •‡”‹‘—• ”‡’ƒ›‡–

’”‘„Ž‡• •‹…‡ ‡˜‡ ƒˆ–‡” ‘‡–ƒ”‹œƒ–‹‘ ƒŽŽ ‘ˆ –Š‡ ”‡•‘—”…‡• •‘‡ …‘’ƒ›ǯ•

†‡„–• •–‹ŽŽ ”‡ƒ‹ –‘ „‡ •‡––Ž‡Ǥ —”–Š‡”‘”‡ǡ ƒ……‘”†‹‰ –‘ ‘Ž‹•Š ƒ”—’–…› ƒ†

‡‘”‰ƒ‹•ƒ–‹‘ƒ™ǡ‡‰ƒ–‹˜‡‡“—‹–›…ƒ’‹–ƒŽ‹•ƒ’”‡‹•‡ˆ‘”‹•‘Ž˜‡…›ƒ†”‡“—‹”‡

•—„‹––‹‰ ƒ’’Ž‹…ƒ–‹‘ ˆ‘” „ƒ”—’–…› ȋ™Š‹…Š ‹ ˆƒ…– †‘‡• ‘– Šƒ˜‡ –‘ Ž‡ƒ† –‘

Ž‹“—‹†ƒ–‹‘‹‡˜‡”›•‹‰Ž‡…ƒ•‡Ǥ‡–Ž‘••ˆ‘”–Š‡›‡ƒ”™Š‹…Šƒ„•‘Ž—–‡˜ƒŽ—‡‡š…‡‡†•

ƒ–Ž‡ƒ•–ͷͲΨ‘ˆ…‘’ƒ‹‡•ǯ‡“—‹–›ȋ†‡ϐ‹‡†ƒ••‹‰‹ϐ‹…ƒ–‡–Ž‘••Ȍǡ‹•Œ—•–‹ϐ‹‡†•‹…‡

•—…Š ƒ ‰”‡ƒ– Ž‘•• ‹• ’”‡––› •‹‹Žƒ” ‡ƒ•—”‡ –‘ ™ƒ”‹‰ •‹‰ƒŽ ƒ’’Ž‹‡† „› ‘Ž‹•Š

‘‡”…‹ƒŽ ‘’ƒ‹‡• ‘†‡ ƒ• ƒ ”‡ƒ•‘ ˆ‘” ƒ†‘’–‹‘ –Š‡ ‘™‡”•ǯ ”‡•‘Ž—–‹‘

ƒ„‘—–ˆ—”–Š‡”‡š‹•–‡…‡‘ˆƒ‡–‹–›Ǥƒ…‘ˆ†‡–ƒ‹Ž‡†‹ˆ‘”ƒ–‹‘ƒ„‘—–•–”—…–—”‡‘ˆ

‡“—‹–›…ƒ’‹–ƒŽȋ•–ƒ–—–‘”›•Šƒ”‡…ƒ’‹–ƒŽǡ•—’’Ž‡‡–ƒ”›…ƒ’‹–ƒŽǡ”‡˜ƒŽ—ƒ–‹‘”‡•‡”˜‡•ǡ

”‡–ƒ‹‡† ‡ƒ”‹‰•Ȍ ˆ‘” •ƒ’Ž‡ …‘’ƒ‹‡• …ƒ—•‡† –Š‡ •‹’Ž‹ϐ‹…ƒ–‹‘ –Šƒ– ͷͲΨ ‘ˆ

…‘’ƒ‹‡•ǯ‡“—‹–›‹•‘”‡‘”Ž‡••…—–Ǧ‘ˆˆŽ‹‹–ˆ‘”‡–‹–‹‡•ǯ‘™‡”•–Šƒ–Šƒ˜‡–‘ƒ‡

†‡…‹•‹‘ƒ„‘—–ˆ—”–Š‡”‡š‹•–‡…‡‘ˆ–Š‡‹”…‘’ƒ‹‡•Ǥ

‹–Š‹ ʹͷ …‘’ƒ‹‡• ™Š‘•‡ ‘’‹‹‘• †‹† ‘– …‘–ƒ‹ ‰‘‹‰Ǧ…‘…‡” ™ƒ”‹‰•

–Š‡”‡™‡”‡ǣ

Ȉ ͵…‘’ƒ‹‡•™‹–Š‡‰ƒ–‹˜‡‡“—‹–›‹‘•–”‡…‡–ϐ‹ƒ…‹ƒŽ•–ƒ–‡‡–„‡ˆ‘”‡”‡Ǧ

“—‡•–‹‰ˆ‘”„ƒ”—’–…›ƒ†

Ȉ ͳͷ…‘’ƒ‹‡•”‡’‘”–‡†‡–Ž‘••ˆ‘”–Š‡Žƒ•–™Š‘Ž‡›‡ƒ”„‡ˆ‘”‡”‡“—‡•–‹‰ˆ‘”

„ƒ”—’–…›‘ˆ™Š‹…Šǣ

Ȃ ͹…‘’ƒ‹‡•”‡’‘”–‡†ƒ„•‘Ž—–‡˜ƒŽ—‡‘ˆ‡–Ž‘••‰”‡ƒ–‡”–Šƒƒ„•‘Ž—–‡˜ƒŽ—‡

‘ˆ‡“—‹–›ƒ•ƒ––Š‡‡†‘ˆ–Šƒ–›‡ƒ”Ǥ

Š‡ •–”—…–—”‡ ƒ† —„‡”• ‘ˆ …‘’ƒ‹‡• ™‹–Š ™ƒ”‹‰ •‹‰ƒŽ• ƒ”‡ ’”‡•‡–‡† ‹

‰”ƒ’Š•͵ƒ†ͶǤ

‹–Š‹ ͳͷ …‘’ƒ‹‡• ™‹–Š ‡– Ž‘•• ˆ‘” –Š‡ ›‡ƒ” –Š‡”‡ ™‡”‡ ƒŽ•‘ ʹ ‘ˆ ͵ …‘’ƒ‹‡•

™‹–Š‡‰ƒ–‹˜‡‡“—‹–›ǤŠ‡…‘’ƒ‹‡•”‡’‘”–‡†‡‰ƒ–‹˜‡‡“—‹–›ƒ•™‡ŽŽƒ•–Š‘•‡™‹–Š

•‹‰‹ϐ‹…ƒ–‡–Ž‘••™‡”‡ƒ—†‹–‡†„›‘Ǧ‹‰Ͷƒ—†‹–‹‰ϐ‹”•ȋ‡Ž‘‹––‡ǡǡǡȌǤ

͵ͺ ǤŽƒ›ǡǤ‡‹‰‡”ǡǤ‘”–ŠǡThe Auditor’s Going-Concern Opinion as a Communication of Riskǡ—†‹–‹‰ǣ

 ‘—”ƒŽ‘ˆ”ƒ…–‹…‡ƬŠ‡‘”›ǡ‘ŽǤ͵Ͳǡ‘ǤʹǡʹͲͳͳǡ’’Ǥ͹ͻȂͺͳǤ