The reason auditors accumulate evidence is to:
A) satisfy the requirements of the Corporations Act.
B) justify the conclusions they have otherwise reached.
C) defend themselves in the event of a lawsuit.
D) enable them to reach conclusions about the fairness of the financial statements and issue an appropriate audit report.

Question

Quizplus · Accepted Answer

The primary reason auditors accumulate evidence is to enable them to reach conclusions about the fairness of the financial statements and issue an appropriate audit report. While satisfying the requirements of the Corporations Act and defending themselves in the event of a lawsuit may be secondary considerations, the primary objective is to reach a conclusion about the financial statements. Justifying conclusions they have already reached is not the key reason for accumulating evidence, but rather, the conclusion should be based on the evidence gathered. Therefore, option D is the best choice.

The Reason Auditors Accumulate Evidence Is To