A Study of Subsequent Events in the Life of Oil and Gas Companies Receiving Going Concern Qualified Opinions
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Phillip L. Little, David Robison, James Johnston
Little research has been conducted into the question of what happens to audited companies after they have been given qualified opinion by their auditors. The research reported on in this article studied continuing adverse conditions and events, along with mitigating factors, following the issuance of qualified opinions of 34 oil and gas companies in the years 1981-1984. Even though only one company of the 34 involved actually railed to exist, many of the others continued to suffer adverse conditions.
A Study of Subsequent Events in the Life of Oil and Gas Companies Receiving Going Concern Qualified Opinions. Little, Phillip L.; Robison, David; and Johnston, James, Fall/Winter 1989, pp. 106‑115.