Answered: According to the AICPA, the purpose of…

Auditing: A Risk Based-Approach (MindTap Course List)

11th Edition

ISBN:9781337619455

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter1: Quality Auditing: Why It Matters

Section: Chapter Questions

Problem 7CYBK

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Question

According to the AICPA, the purpose of an audit of financial statements is to
a. Enhance the degree of confidence that intended users can place in the financial statements.
b. Express an opinion on the fairness with which they present financial position, results of
operations, and cash flows in conformity with accounting standards promulgated by the
Financial Accounting Standards Board.
c. Express an opinion on the fairness with which they present financial position, results of
operations, and cash flows in conformity with accounting standards promulgated by the
U.S. Securities and Exchange Commission.
d. Obtain systematic and objective evidence about financial assertions and report the results
to interested users

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