Reviewing GM's financial information in GM Exhibit 1 and its stock price in GM Exhibit 2, when do you first see signs of GM's impending financial distress? In referencing professional standards, what factors should auditors consider in evaluating potential going-concern uncertainties? Using you responses above, do you beleive that the going-concern uncertainty was warranted? Do you beleive that Deloitte & Touche should have issued a going-concern opinion prior to 2008?
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Reviewing GM's financial information in GM Exhibit 1 and its stock price in GM Exhibit 2, when do you first see signs of GM's impending financial distress? In referencing professional standards, what factors should auditors consider in evaluating potential going-concern uncertainties? Using you responses above, do you beleive that the going-concern uncertainty was warranted? Do you beleive that Deloitte & Touche should have issued a going-concern opinion prior to 2008?
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