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Explores the effect of uncertainty-modified audit reports on future earnings in public firms, indicating significant implications.
Discusses the relation between uncertainty-modified reports and future earnings in the United States. Auditors' perceived risk of being sued over failure to issue a modified report; Companies expected to experience decline in future earnings; Findings on 234 public firms receiving first-time uncertainty-modified opinions.
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Carol A. Frost (1994) studied this question.
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