Whippersnapper - in the event of an engine failure on final approach, a go-around is not 'enforced' by the flight crew training manual but is generally considered the better option in most circumstances. To continue the approach to landing the pilot is required to retract the flap to 15, accelerate the aircraft to Vref 40+20 (by adding thrust on the operative engine with associated control issues) and get the aircraft stabilised for a landing by the landing gate - 500 feet agl.