The objective of the ordinary audit of financial statements is the expression of an opinion on:
A) the fairness of the financial statements in all material respects.
B) the accuracy of the financial statements.
C) the accuracy of the annual report.
D) the accuracy of the balance sheet and income statement.

Question

Quizplus · Accepted Answer

The objective of an ordinary audit of financial statements is to express an opinion on the fairness of the financial statements in all material respects, not just their accuracy or the accuracy of the annual report. While the balance sheet and income statement are important components of the financial statements, the audit opinion pertains to the financial statements as a whole.

The Objective of the Ordinary Audit of Financial Statements Is