A quality audit is one that
A)guarantees that the audited financial statements are not materially misstated.
B)provides reasonable assurance that the audited financial statements are free from all errors and every possible disclosure is made.
C)provides reasonable assurance that the audited financial statements not materially misstated.
D)none of the above.

Question

Quizplus · Accepted Answer

A quality audit provides reasonable assurance that the audited financial statements are not materially misstated. It does not provide a guarantee that the financial statements are error-free, as there may be some immaterial errors or omissions. Therefore, option C is the correct choice as it correctly describes the purpose of a quality audit.

A Quality Audit Is One That