Going-concern warning (Bestandsgefährdung)

When auditing annual accounts, the auditor must assess the going-concern assumption. If doubts exist, they must be disclosed in the notes or the audit opinion — the „Bestandsgefährdung”.

Typical wording: „Material uncertainties exist relating to the continuation of business activity.” In critical cases: „The auditor issued a disclaimer of opinion” — a hard red signal.

For buyers, the going-concern warning is a very valuable early signal: it typically appears 6–24 months before insolvency. Buyers who systematically scan for these notes in Federal Gazette accounts get a significant lead over deal competitors who wait for the § 9 InsO notice.