The objective of an audit is to:
A) provide assurance that the financial report is free from error.
B) express an opinion on whether the financial reports are prepared in accordance with an applicable financial reporting framework.
C) express an opinion on the financial statements.
D) provide assurance that the financial reports are free from error and fraud.

Question

Quizplus · Accepted Answer

The objective of an audit is to express an opinion on whether the financial reports are prepared in accordance with an applicable financial reporting framework. While an audit provides some assurance that the financial reports are free from material misstatement due to error or fraud, the main objective of the audit is to express an opinion on the conformity of the financial reports with a suitable framework. Therefore, option B is the best choice. Option A and Option D are too narrow in focus, and Option C is incorrect because the audit expresses an opinion on the financial statements, not just the balance sheet.

The Objective of an Audit Is To