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Canaries Gone Awol – Why Aren’t Auditors Helping their Clients by Flagging the Need for Restructuring? (Part 1)

In an environment where cash reserves and time horizons (or lack thereof) can dictate success or failure, commencing a restructuring process later, rather than sooner, can greatly diminish the likelihood of rehabilitation. In this regard, the author believes that auditors may be uniquely positioned to serve as sentries who alert managers to issues faced by the company, to facilitate the difficult conversations that may follow, and to perhaps suggest the need to bring in a restructuring attorney or other outside professional advisor. 
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