The essence of a financial report audit is to:
A)examine individual transactions so that the auditor may certify as to their validity.
B)detect fraud.
C)assure the consistent application of correct accounting procedures.
D)determine whether the client's financial reports are fairly stated.

Question

Quizplus · Accepted Answer

The primary purpose of a financial report audit is to determine whether the client's financial reports are fairly stated. The audit process involves examining the financial statements and supporting documentation to ensure that they are accurate, complete, and in compliance with accounting standards and regulations. While fraud detection is an important aspect of an audit, it is not the primary focus. Similarly, while ensuring the consistent application of correct accounting procedures is important, it is not the ultimate goal of an audit - this is a secondary benefit of having accurate financial reports.

The Essence of a Financial Report Audit Is To