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The global financial crisis because of its unusual nature implies that auditors have to be extreme careful and diligent in their judgment about different risks while assessment of business firms. The risk assessment process holds paramount importance, particularly to the ‘going concern concept.’ During financial crisis, judgment of different risks becomes a complicated and complex issue and possesses serious challenges for auditors (Liu, C., Lin, H., Yen, A., 2014). However, professional yardsticks including audit standards, principles of quality assurance, and methodological recommendations are available with auditors to perform their task in an effective manner. Nevertheless, assessment of impact of global financial crisis on international and domestic economies of different countries becomes a cumbersome process. The task becomes even more challenging when firms are involved in assessment process (Brody, R., Haynes, C., White, C., 2014).