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Generally Accepted Auditing Standards' four reporting standands
- C onsistency
- G AAP
- O pionion
- D isclosure
- Company will continue to operate for the next operating cycle or the next 12 months
- auditors 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