What is the term used to describe a systematic process of objectively obtaining evidence regarding assertions about economic actions and events to ascertain the degree of correspondence between those assertions and established criteria and communicating the results to interested users?
A)Internal audit.
B)Financial statement audit.
C)External audit.
D)Program audit

Question

Quizplus · Accepted Answer

The term used to describe this systematic process is financial statement audit. This process involves obtaining evidence about economic actions and events as they are reflected in an organization's financial statements, testing that evidence against established criteria (such as accounting standards), and communicating the results to interested users. Internal audit focuses on evaluating an organization's internal controls, while external audit is the same as a financial statement audit but conducted by an independent auditor. Program audit is a type of audit that assesses the efficiency and effectiveness of a specific program or project.

What Is the Term Used to Describe a Systematic Process