In a financial statement audit, which level of assurance provides that no material modifications should be made to the financial statements for them to be in accordance with the applicable financial reporting framework?
A)Reasonable assurance
B)Limited assurance
C)No assurance
D)None of the answers are correct.

Question

Quizplus · Accepted Answer

Reasonable assurance is the highest level of assurance provided in a financial statement audit. It provides that the financial statements are free from material misstatements and that no material modifications should be made to them for them to be in accordance with the applicable financial reporting framework. This level of assurance provides the users of financial statements a high level of confidence in the financial information provided.

In a Financial Statement Audit, Which Level of Assurance Provides