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Audit reports of financially distressed companies: emphasis of matter (EOM) versus disclaimers

This paper examines audit reports issued to 39 Malaysian listed companies in financial distress categorized as Practice Note 17 (PN17) companies by Bursa Malaysia. The study finds that for companies which experienced financial distress, the audit reports are not similar, despite all companies are...

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Main Authors: Ismail, Hashanah, Mustapha, Mazlina
Format: Article
Language:English
Published: David Publishing 2013
Online Access:http://psasir.upm.edu.my/id/eprint/30837/1/Audit%20reports%20of%20financially%20distressed%20companies.pdf
http://psasir.upm.edu.my/id/eprint/30837/
http://www.davidpublishing.com/show.html?12806
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spelling my.upm.eprints.308372015-09-21T04:31:56Z http://psasir.upm.edu.my/id/eprint/30837/ Audit reports of financially distressed companies: emphasis of matter (EOM) versus disclaimers Ismail, Hashanah Mustapha, Mazlina This paper examines audit reports issued to 39 Malaysian listed companies in financial distress categorized as Practice Note 17 (PN17) companies by Bursa Malaysia. The study finds that for companies which experienced financial distress, the audit reports are not similar, despite all companies are similarly troubled financially. Companies receive either a disclaimer or an emphasis of matter (EOM) report. The study finds that which of the two reports is given is associated with three variables: current-year operating loss, shareholders’ deficit, and default status, implying that audit reports do convey information that financial distress is not of the same level and severity among PN17 companies. David Publishing 2013 Article PeerReviewed application/pdf en http://psasir.upm.edu.my/id/eprint/30837/1/Audit%20reports%20of%20financially%20distressed%20companies.pdf Ismail, Hashanah and Mustapha, Mazlina (2013) Audit reports of financially distressed companies: emphasis of matter (EOM) versus disclaimers. Journal of Modern Accounting and Auditing, 9 (5). pp. 634-640. ISSN 1548-6583; ESSN: 1935-9683 http://www.davidpublishing.com/show.html?12806
institution Universiti Putra Malaysia
building UPM Library
collection Institutional Repository
continent Asia
country Malaysia
content_provider Universiti Putra Malaysia
content_source UPM Institutional Repository
url_provider http://psasir.upm.edu.my/
language English
description This paper examines audit reports issued to 39 Malaysian listed companies in financial distress categorized as Practice Note 17 (PN17) companies by Bursa Malaysia. The study finds that for companies which experienced financial distress, the audit reports are not similar, despite all companies are similarly troubled financially. Companies receive either a disclaimer or an emphasis of matter (EOM) report. The study finds that which of the two reports is given is associated with three variables: current-year operating loss, shareholders’ deficit, and default status, implying that audit reports do convey information that financial distress is not of the same level and severity among PN17 companies.
format Article
author Ismail, Hashanah
Mustapha, Mazlina
spellingShingle Ismail, Hashanah
Mustapha, Mazlina
Audit reports of financially distressed companies: emphasis of matter (EOM) versus disclaimers
author_facet Ismail, Hashanah
Mustapha, Mazlina
author_sort Ismail, Hashanah
title Audit reports of financially distressed companies: emphasis of matter (EOM) versus disclaimers
title_short Audit reports of financially distressed companies: emphasis of matter (EOM) versus disclaimers
title_full Audit reports of financially distressed companies: emphasis of matter (EOM) versus disclaimers
title_fullStr Audit reports of financially distressed companies: emphasis of matter (EOM) versus disclaimers
title_full_unstemmed Audit reports of financially distressed companies: emphasis of matter (EOM) versus disclaimers
title_sort audit reports of financially distressed companies: emphasis of matter (eom) versus disclaimers
publisher David Publishing
publishDate 2013
url http://psasir.upm.edu.my/id/eprint/30837/1/Audit%20reports%20of%20financially%20distressed%20companies.pdf
http://psasir.upm.edu.my/id/eprint/30837/
http://www.davidpublishing.com/show.html?12806
_version_ 1643830178674114560
score 13.211869

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