PricewaterhouseCoopers, the auditors of Allied Farmers, are calling its financial statements and the company's future into question.
Allied Farmers has issued its annual audited results which confirm a full-year loss of $77.6 million, with $40 million of that due to charges to cover its failed finance arm and writedowns of its Hanover assets and loans.
But PricewaterhouseCoopers say they have not been able to obtain sufficient evidence from their audit to decide whether the company can continue operating.
PricewaterhouseCoopers says Allied Farmers' ability to trade as a going concern is dependent on its ability to generate enough cash through a range of funding options.
These include restarting a stalled capital raising, finding an alternative funder, collecting $5 million owed to its rural arm and clawing back money from its Hanover and United finance assets.
Allied Farmers says it is confident about the company's future. Managing director Rob Alloway said on Friday he is quite comfortable with the auditor's opinion.
Mr Alloway says they have reduced debt by almost $22 million and the focus now is to eliminate the rest and restore core rural business.
Mr Alloway says the company still intends to undertake a capital raising and it will make more announcements shortly.
PricewaterhouseCoopers says the failure of Allied Nationwide Finance in August had a pervasive effect on Allied Farmers.
It has not been able to audit the finance arm's accounts because the receivers have taken control of its books.
Shares in Allied Farmers were down one fifth of a cent to close at 2.5 cents on Friday.