The objective of the audit of financial statements by the auditor is the expression of an opinion on
A) the accuracy of the financial statements.
B) the balance sheet and income statement.
C) the fairness of the financial statements.
D) the annual report.

Question

Quizplus · Accepted Answer

The objective of the audit of financial statements is to express an opinion on the fairness of the financial statements. The accuracy of the financial statements is one aspect of fairness, but the audit does not guarantee accuracy. The balance sheet and income statement are components of the financial statements. The audit is not focused on the annual report but rather on the financial statements included in the report.

The Objective of the Audit of Financial Statements by the Auditor