The primary purpose of audit procedures is to
A) detect all errors or fraudulent activities as well as illegal activities.
B) comply with auditing standards promulgated by the PCAOB for publicly held clients.
C) gather corroborative audit evidence about management's assertions regarding the client's financial statements.
D) 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 sufficient and appropriate evidence to support management's assertions regarding the client's financial statements. While detecting errors, fraud, and illegal activities is also a goal of the audit, it is not the primary purpose. Compliance with auditing standards and adjusting balance sheet accounts are secondary objectives, not the primary purpose.

The Primary Purpose of Audit Procedures Is to