Which of the following is an example of a financial statement audit?
A)determining whether ABC's financial statements overall do not violate any debt covenants
B)determining whether ABC's overall financial statements are stated in conformity with IFRS
C)evaluating the effectiveness and efficiency of internal controls used to create account balance
D)evaluating the effectiveness and efficiency of internal controls used to record transactions

Question

Quizplus · Accepted Answer

A financial statement audit involves determining whether the overall financial statements are stated in conformity with generally accepted accounting principles (GAAP) or international financial reporting standards (IFRS). Option A relates to a compliance audit, Option C relates to an operational audit, and Option D relates to a control audit.

Which of the Following Is an Example of a Financial