The main purpose of an audit is to assure users of the financial information about the:
A)Effectiveness of the internal controls of the company
B)Selection of the proper GAAP when preparing financial statements
C)Proper application of GAAS during the examination
D)Accuracy and completeness of the information

Question

Quizplus · Accepted Answer

The main purpose of an audit is to provide reasonable assurance that the financial statements are free from material misstatements, whether due to fraud or error, and to assure users that the information contained therein is accurate and complete. While auditing internal controls, selecting proper GAAP, and applying GAAS are important aspects of the audit process, they are not the main purpose of the audit.

The Main Purpose of an Audit Is to Assure Users