... there were insufficient grounds for considering the company to be a going concern and that the company's valuation of its assets was unjustifiable.
Not necessarily anything nefarious by management here. Normally assets are held on the balance sheet at depreciated cost; but if the company is no longer a going concern then they need to be restated to market value. Generally management will prepare the accounts on a going concern basis but if the auditors think that this is incorrect then you can end up with large differences in asset values.