Users of financial statements have the time and the ability to evaluate the audit performance of a CPA firm.

Question

Quizplus · Accepted Answer

Most users of financial statements, such as investors and creditors, do not have the specialized knowledge, time, or access to detailed audit procedures and evidence to evaluate the audit performance of a CPA firm directly. They rely on the audit opinion provided by the CPA firm to gain assurance about the financial statements.

Users of Financial Statements Have the Time and the Ability