In general, what does detailed testing of account balances provide?
A)The evidence needed by auditors to determine if the financial statements are fairly presented
B)Information about revising preliminary conclusions drawn during the risk assessment phase
C)The exact amount of time spent gathering audit evidence
D)A listing of the audit tests performed during all phases

Question

Quizplus · Accepted Answer

Detailed testing of account balances provides the evidence needed by auditors to determine if the financial statements are fairly presented. This includes testing the accuracy, completeness, validity, and existence of the account balances. It also allows auditors to identify any potential errors, misstatements, or fraud, and adjust their audit opinion accordingly.

In General, What Does Detailed Testing of Account Balances Provide