What can users of the audit report reasonably expect from the audited financial statements?
A)The financial statements are complete and contain many of the important financial disclosures.
B)The financial statements are presented fairly according to the substance of GAAP.
C)The financial statements are free from all errors.
D)All of the above.

Question

Quizplus · Accepted Answer

Users of the audit report can reasonably expect that the audited financial statements are presented fairly according to the substance of generally accepted accounting principles (GAAP). However, it is not reasonable to expect that the financial statements are complete or free from all errors as audits provide reasonable assurance, not absolute assurance.

What Can Users of the Audit Report Reasonably Expect from the Audited