Which of the following is the essential purpose of the audit function?
A) Detection of fraud.
B) Examination of individual transactions to certify their validity.
C) Determination of whether the client's financial statement assertions are fairly stated.
D) Assurance of the consistent application of correct accounting procedures

Question

Quizplus · Accepted Answer

The essential purpose of the audit function is to determine whether the client's financial statement assertions are fairly stated. While detection of fraud is an important aspect of an audit, it is not the sole purpose. The examination of individual transactions and assurance of consistent application of correct accounting procedures are also important, but they are not the essential purpose of the audit function.

Which of the Following Is the Essential Purpose of the Audit