Final answer:
An auditor may issue an adverse opinion, unqualified opinion with explanatory language, qualified opinion, or disclaimer of opinion, depending on whether there are material misstatements or insufficient audit evidence regarding a company's financial statements.
Step-by-step explanation:
When a client company has a history of negative cash flow trends and continuing losses, the type of opinion an auditor will most likely issue depends on the specific circumstances and the impact of those trends on the financial statements. However, an adverse opinion is not typically issued solely due to poor financial performance, unless the financial statements are materially misstated. An unqualified opinion with explanatory language might be issued if the going concern is at risk. A qualified opinion might be issued if there are material misstatements that do not pervade the financial statements, or a disclaimer of opinion might be issued if the auditor is unable to obtain sufficient appropriate audit evidence to form an opinion.