CAS 200 explains that the purpose of the financial statement audit is to express an opinion on the financial statements.This opinion is an assessment of whether the financial statements are presented fairly using
A)IFRS standards.
B)an applicable financial reporting framework.
C)management's assertions.
D)rules of professional conduct.

Question

Quizplus · Accepted Answer

The financial statement audit is conducted to express an opinion on whether the financial statements are presented fairly and in accordance with an applicable financial reporting framework. The audit is not just based on the use of IFRS standards or management's assertions, but on an objective assessment of the financial statements using an appropriate framework. The rules of professional conduct also guide auditors in performing the audit, but they are not the purpose of the audit. Therefore, choice B is the best option.

CAS 200 Explains That the Purpose of the Financial Statement