The "Principles Underlying an Audit in Accordance with Generally Accepted Auditing Principles" provide a framework to help auditors
A) understand the ten GAAS standards.
B) obtain complete assurance that the financial statements are free from any error.
C) report on the financial statements.
D) prevent fraud.

Question

Quizplus · Accepted Answer

The Principles Underlying an Audit in Accordance with Generally Accepted Auditing Principles (GAAP) provide auditors with a framework to report on the financial statements. The principles do not provide complete assurance that the financial statements are free from error, prevent fraud, or cover the ten GAAS standards. The GAAS standards themselves are a separate set of guidelines that outline the requirements for conducting an audit in accordance with GAAP.