Which of the following statements is most correct regarding the primary purpose of audit procedures?
A)To detect all errors or fraudulent activities as well as illegal activities
B)To comply with auditing standards promulgated by the PCAOB for publicly held clients
C)To gather corroborative audit evidence about management's assertions regarding the client's financial statements
D)To determine the amount of errors in the balance sheet accounts in order to adjust the accounts to actual

Question

Quizplus · Accepted Answer

The primary purpose of audit procedures is to gather corroborative audit evidence about management's assertions regarding the client's financial statements. While auditors must also be vigilant for errors, fraud, and illegal activities, these are not the primary purpose of audit procedures. Compliance with auditing standards is important but is not the primary purpose of audit procedures. Finally, determining the amount of errors in the balance sheet accounts is only one aspect of audit procedures and is not the primary purpose.

Which of the Following Statements Is Most Correct Regarding the Primary