Which concept recognizes that a GAAS audit may fail to detect all material misstatements?
A) Absolute assurance.
B) Due care.
C) Reasonable assurance.
D) Risk of material misstatement.

Question

Quizplus · Accepted Answer

Reasonable assurance acknowledges that while auditors perform their duties with due care, there is an inherent risk that not all material misstatements will be detected.

Which Concept Recognizes That a GAAS Audit May Fail to Detect