The auditor's responsibility section of the standard unqualified audit report states that the audit is designed to:
A)discover all errors and/or irregularities.
B)discover material errors and/or irregularities.
C)conform to generally accepted accounting principles.
D)obtain reasonable assurance whether the statements are free of material misstatement.

Question

Quizplus · Accepted Answer

The auditor's responsibility section of the standard unqualified audit report states that the audit is designed to obtain reasonable assurance whether the financial statements are free of material misstatement. The word "reasonable" means that the auditor cannot guarantee that all errors or irregularities will be detected, but only those that are considered material. Therefore, answer D is the best choice.

The Auditor's Responsibility Section of the Standard Unqualified Audit Report