What ultimately determines the specific audit procedures necessary to provide independent auditors with a reasonable basis for the expression of an opinion?
A)The audit time budget.
B)The auditors' judgment.
C)Generally accepted accounting quality standards.
D)The auditors' working papers.

Question

Quizplus · Accepted Answer

The auditors' judgment ultimately determines the specific audit procedures necessary to provide independent auditors with a reasonable basis for the expression of an opinion. The auditors must exercise professional judgment and consider factors such as the assessed risks of material misstatement, the inherent limitations of the audit, and the availability of sufficient and appropriate audit evidence. The audit time budget, generally accepted accounting quality standards, and the auditors' working papers are important factors that inform the auditors' judgment but do not determine the specific procedures to follow.

What Ultimately Determines the Specific Audit Procedures Necessary to Provide