CAS 200 explains that the purpose of the financial statement audit is to express an opinion on the financial statements. This opinion is an assessment of whether the financial statements are presented fairly using
A) Canadian generally accepted accounting principles (GAAP) only.
B) an applicable financial reporting framework.
C) management's assertions.
D) rules of professional conduct.

Question

Quizplus · Accepted Answer

The financial statement audit is conducted in accordance with an applicable financial reporting framework, which may include Canadian generally accepted accounting principles (GAAP), International Financial Reporting Standards (IFRS), or other frameworks. The auditor's opinion is based on whether the financial statements are presented fairly, in all material respects, in accordance with the applicable financial reporting framework. The auditor also considers management's assertions, but this is not the sole basis for the opinion. Rules of professional conduct guide the auditor's conduct, but are not directly related to expressing an opinion on the financial statements.

CAS 200 Explains That the Purpose of the Financial Statement