In the scope paragraph of the audit report, the use of the term "reasonable assurance" is intended to indicate that
A) no misstatements exist in the financial statements.
B) no material misstatements exist in the statements.
C) there is some possibility that material misstatements still exist in the financial statements.
D) there is a possibility that immaterial misstatements still exist in the financial statements.

Question

Quizplus · Accepted Answer

Reasonable assurance means that while the auditor has conducted the audit to detect material misstatements, there is still a possibility that some material misstatements may not be detected.

In the Scope Paragraph of the Audit Report, the Use