An audit provides a high level of assurance, but is not a guarantee that a material misstatement will exist in the financial statements.

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An audit provides a high level of assurance, but it is not a guarantee that a material misstatement will exist in the financial statements. Despite the auditor's best effort to detect fraud or errors, there is always a risk of undetected material misstatements. Therefore, the auditor expresses an opinion on the financial statements based on the evidence gathered during the audit, but this opinion is not an absolute assurance that the financial statements are completely free from material misstatements.

An Audit Provides a High Level of Assurance, but Is