After the auditor has completed all audit procedures, it is necessary to combine the information obtained to reach an overall conclusion as to whether the financial statements are fairly presented. This is a highly subjective process that relies heavily on
A) generally accepted auditing standards.
B) the AICPA's Code of Professional Conduct.
C) generally accepted accounting principles.
D) the auditor's professional judgment.

Question

Quizplus · Accepted Answer

The overall conclusion as to whether the financial statements are fairly presented relies heavily on the auditor's professional judgment. While generally accepted auditing standards, the AICPA's Code of Professional Conduct, and generally accepted accounting principles provide important guidance to auditors, the ultimate decision is based on the auditor's assessment of the evidence gathered during the audit.

After the Auditor Has Completed All Audit Procedures, It Is