It is not necessary to audit a firm's financial statements if the firm has used generally accepted accounting principles.

Question

Quizplus · Accepted Answer

While following generally accepted accounting principles is important for accurate and transparent financial reporting, it does not eliminate the need for an audit. An audit provides independent verification that the financial statements are presenting a true and fair view of the company's financial position and performance.

It Is Not Necessary to Audit a Firm's Financial Statements