What can users can reasonably expect from the audited financial statements?
A)The audited financial statements are complete and contain all important financial disclosures,are free from material misstatements,and are presented fairly.
B)The audited financial statements are complete and contain all important financial disclosures,are free from material misstatements,and are presented fairly according to GAAP.
C)The audited financial statements are complete,accurate,and are presented fairly according to GAAP.
D)The audited financial statements are complete,contain all important financial disclosures,are free from all misstatements,and are presented fairly according to the substance of GAAP.

Question

Quizplus · Accepted Answer

Users can reasonably expect audited financial statements to be complete and contain all important financial disclosures, be free from material misstatements, and be presented fairly according to GAAP. While statement C also includes accuracy, it is not a term typically used in describing audited financial statements. Statement D goes beyond expectations, as it includes being free from all misstatements and presented according to the substance of GAAP, which is a higher standard than presenting fairly according to GAAP.

What Can Users Can Reasonably Expect from the Audited Financial