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Going concern assumes that the company will operate in indefinite period of time. There are i guess two ways to prepare the financial statement. The first is preparing it in a going concern basis and the other one is liquidation mode basis. Liquidation basis is the opposite of going concern where in the financial statement are prepared in expected proceeds from its asset primarily how to liquidate the amount to its creditor, shareholders or anyone who has claims in the company. The auditors responsibility is to gather evidence to support that the Financial statement must be prepared using a going concern basis or if not in a liquidation basis.
