Which of the following statements regarding the concept of audit is not true?
A) The most common type of audit is the financial statement audit.
B) The financial statement audit provides an objective opinion on an organisation's financial statements.
C) Financial statement audit provides absolutely guarantee that the financial reports are free of misstatement.
D) Auditing is a systematic process of objectively obtaining and evaluating evidence regarding assertions about economic actions and events to ascertain the degree of correspondence between those assertions and established criteria and communicating those results to interested users.
Correct Answer:
Verified
Q1: ASA 700 Forming an Opinion and Reporting
Q2: Which of the following statements regarding the
Q3: Which of the following is not a
Q5: Audit quality may be compromised due to:
Q6: Guidelines in ASA 610 relate to:
A)the level
Q7: The purpose of an audit is to:
A)Give
Q8: _ to determine the appropriate level of
Q9: The purpose of the financial statement audit
Q10: The relationship between internal auditing function and
Q11: Standards Australia has a risk management standard:
A)ASA
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