GM auditor's "going concern" warning could be the first of many

03/6/2009 | CFO.com

When General Motors' auditor Deloitte & Touche expressed "substantial doubt about [GM's] ability to continue as a going concern" in the automaker's annual report, it probably didn't surprise many people who follow the company's difficulties, and it shouldn't come as a surprise when the words "going concern" show up in the reports of other companies facing tough times, according to this article. In the coming months, "we'll see an unprecedented number of going-concern footnote disclosures and clarification from the auditors," said Ed Nussbaum, CEO of Grant Thornton.

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