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Understanding Going Concern in Auditing: Seker Poultry, Inc

Author

Listed:
  • Ayca Zeynep Suer

    (Istanbul University School of Business)

  • Ahmet Turel

    (Istanbul University School of Business)

Abstract

Under the going concern assumption, an entity is viewed as continuing in business for the foreseeable future. General purpose financial statements are prepared on a going concern basis, unless management either intends to liquidate the entity or to cease operations, or has no realistic alternative but to do so. In this case study, we examine the recent financial problems of Seker Poultry, Inc. – one of the listed companies in Borsa Istanbul –and their impacts on the financial statement audit process. This case provides an opportunity to examine the auditor‘s judgment process and responsibilities regarding the going concern assumption. This case uses information in Seker‘s recent publicly available financial statements and annual reports. The case can be used in undergraduate or graduate level audit courses.

Suggested Citation

  • Ayca Zeynep Suer & Ahmet Turel, 2016. "Understanding Going Concern in Auditing: Seker Poultry, Inc," Acta Universitatis Danubius. OEconomica, Danubius University of Galati, issue 12(1), pages 118-128, February.
    • Handle: RePEc:dug:actaec:y:2016:i:1:p:118-128
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    File URL: http://journals.univ-danubius.ro/index.php/oeconomica/article/view/3101/3111
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    References listed on IDEAS

    as
    1. Jennings, James P. & Henry, Eleanor G., 2008. "Safety Products, Inc.: A case in financial analysis of a failing company," Journal of Accounting Education, Elsevier, vol. 26(1), pages 34-53.
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