Under ASA 200/ IAS 200 the primary objective of a financial report audit is to:
A) ensure that the company is free from all fraud
B) provide assurance about the future viability of the entity
C) to express an opinion as to whether the financial report is prepared in all material aspects, in accordance with a financial reporting framework
D) ensure the company complies with all aspects of Corporations Law

Question

Quizplus · Accepted Answer

The primary objective of a financial report audit under ASA 200/ISA 200 is to express an opinion on whether the financial report is prepared, in all material respects, in accordance with an applicable financial reporting framework. This involves assessing the financial statements to determine if they are free of material misstatement, whether due to fraud or error. The other options, while important, are not the primary focus of a financial report audit.

Under ASA 200/ IAS 200 the Primary Objective of a Financial