Auditing standards regarding the detection of illegal acts clearly state that the auditor provides
A)no assurance that they will be detected.
B)the same reasonable assurance provided for other items.
C)assurance that they will be detected,if material.
D)assurance that they will be detected,if highly material.

Question

Quizplus · Accepted Answer

Auditing standards clearly state that the detection of illegal acts is not the primary objective of an audit, and the auditor provides no assurance that such acts will be detected even if they are material. The auditor's responsibility is to obtain reasonable assurance that the financial statements are free from material misstatement, whether caused by error or fraud. Therefore, choice A is the correct answer.

Auditing Standards Regarding the Detection of Illegal Acts Clearly State