Fabrizio  Bava, Melchior Gromis di  Trana, Pietro  Pisoni, 
    Going Concern Emphasis of Matter and Accuracy of Audit Opinion: Italian Evidence,
    International Business Management,
    Volume 12,Issue 3,
    2018,
    Pages 292-298,
    ISSN 1993-5250,
    ibm.2018.292.298,
    (https://makhillpublications.co/view-article.php?doi=ibm.2018.292.298)
    Abstract: The study is an empirical investigation in the relationship between Going Concern modified Opinion (GCO) and subsequent insolvency of listed companies in Italy during the period 2008-2012. Prior studies showed that companies which have already received a qualified GCO are more likely than others to receive a repeat qualified GCO within a year. Particular attention was devoted to the relationship between GC emphasis of matter in auditor’s opinion, qualified GCO and subsequent insolvency. Two major findings are highlighted. First, the GC uncertainty reported in a GC emphasis of matter 1 year, tends to increase or persist in the subsequent year. Secondly, there is a higher probability of insolvency when a company has received a qualified GCO in the previous year rather than an unqualified opinion with GC emphasis of matter. These results may be a measure of auditing accuracy in auditor’s reports.
    Keywords: Going concern;emphasis of matter;audit opinion;insolvency;subsequent;GCO