Auditors must assess the going concern of a private company client who uses GAAP. Auditors must examine the going concern assumption for a reasonable period of time, which is one year from the date the financial statements are prepared, for a private company client that follows GAAP.
Financial statements are records that describe the operations and financial performance of a firm. Budgetary articulations are reviewed on a regular basis by government organizations, bookkeeping firms, and others to assure precision and for a charge, financing, or contributing purposes.
The wage explanation, which looks to represent a company's ability to generate a profit, is likely to be the most important budgetary justification for the majority of consumers.
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