A quality audit is one performed in accordance with generally accepted auditing standards (GAAS)to provide reasonable assurance that the audited financial statements and related disclosures are presented in accordance with generally accepted accounting principles (GAAP)and are not materially misstated.

Question

Quizplus · Accepted Answer

A quality audit is indeed performed in accordance with GAAS to provide reasonable assurance of the accuracy of financial statements and disclosures. It strives to ensure that the financial information is presented in accordance with GAAP and does not contain any significant errors or misstatements.

A Quality Audit Is One Performed in Accordance with Generally