Generally Accepted Auditing Standards' four reporting standands CGOD
C onsistencyG AAPO pionionD isclosure
Going Concern
Company will continue to operate for the next operating cycle or the next 12 monthsauditors typically provide their opinions on financial statements that have been prepared on a going-concern basis.
Financial statements assurances have ranged from
Audit - give positive assurance (explicit statement as to whether the financial statements are presented fairly-requires auditors to gather sufficient evidence to render an opinion)Review - give negative assurance (ask questions and do analytical procedures)Compilations - preparing financial statements