Audits of financial statements are designed to obtain reasonable assurance of detecting material misstatements due to: $\begin{array}{lll}&\text { Errors } & \text { Misappropriation of Asset: } \
\text { A. } & \text { Yes } & \text { Yes } \
\text { B. } & \text { Yes } & \text { No } \
\text { C. } & \text { No } & \text { Yes } \
\text { D. } & \text { No } & \text { No }
\end{array}$

A)Option A
B)Option B
C)Option C
D)Option D

Question

Audits of financial statements are designed to obtain reasonable assurance of detecting material misstatements due to: $\begin{array}{lll}&\text { Errors } & \text { Misappropriation of Asset: } \
\text { A. } & \text { Yes } & \text { Yes } \
\text { B. } & \text { Yes } & \text { No } \
\text { C. } & \text { No } & \text { Yes } \
\text { D. } & \text { No } & \text { No }
\end{array}$
 
A)Option A
B)Option B
C)Option C
D)Option D

Quizplus · Accepted Answer

Audits are designed to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, which includes both errors and misappropriation of assets.

Audits of Financial Statements Are Designed to Obtain Reasonable Assurance