Which of the following statements is most correct regarding the primary purpose of audit procedures?
A) to detect all errors or fraudulent activities as well as illegal activities
B) to comply with auditing standards promulgated by the PCAOB for publicly held clients
C) to gather corroborative audit evidence about management's assertions regarding the client's financial statements
D) to determine the amount of errors in the balance sheet accounts in order to adjust the accounts to actual

Question

Quizplus · Accepted Answer

The primary purpose of audit procedures is to gather corroborative audit evidence about management's assertions regarding the client's financial statements. While detecting errors and fraudulent activities is an important part of the audit process, it is not the primary purpose. Compliance with auditing standards and adjusting balance sheet accounts are also important, but again not the primary purpose.

Which of the Following Statements Is Most Correct Regarding the Primary