The primary reasons for the existence of Auditing Standards is:
A) They are necessary to maintain a cost-effective service.
B) They will safeguard the auditor when they are sued.
C) They provide assurance of the minimum standards that should have been employed by the auditor in arriving at the opinion.
D) All of the above

Question

Quizplus · Accepted Answer

Auditing Standards are primarily in place to ensure that auditors adhere to a minimum set of criteria and methodologies when conducting an audit, which helps in maintaining the quality and reliability of the audit process. This ensures that the auditor's opinion on the financial statements is based on a standardized approach, enhancing the credibility of the audit. Options A and B, while potentially beneficial outcomes of adhering to auditing standards, are not the primary reasons for their existence.

The Primary Reasons for the Existence of Auditing Standards Is