For a private company client that follows GAAP, auditors must consider the going concern assumption for a

Question:

For a private company client that follows GAAP, auditors must consider the going concern assumption for a reasonable period of time, which is:

a. One year from the date the financial statements are issued.

b. One year from the completion of fieldwork.

c. One year from the date of the financial statements.

d. One year from the completion of interim audit procedures.

Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...

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