A going concern audit opinion indicates substantial doubt about a company’s ability to remain solvent over the next year. In Audit Analytics’ most recent published report, Going Concerns: A 22-Year Review, they provide a comprehensive overview of trends in the SEC Audit Opinion market. Utilizing their data, research can be narrowed down to investigate specific industry trends using company-provided SIC codes. Among companies in the finance industry, with a classification of a finance SIC code, the total number of audit opinions increased by 23.6% in fiscal year (FY) 2021.
In this article, Audit Analytics further examines the notable upsurge of going concerns in the finance industry.