The objective of an audit of the financial statements is an expression of an opinion on
A) the fairness of the financial statements in all material respects.
B) the accuracy of the financial statements.
C) the accuracy of the annual report.
D) the accuracy of the balance sheet and income statement.

Question

Quizplus · Accepted Answer

The objective of an audit of the financial statements is to provide an opinion on the fairness of the financial statements in all material respects. The audit process aims to provide reasonable assurance that the financial statements are free of material misstatement, whether due to fraud or error. The audit opinion is expressed in the auditor's report, which is included in the company's annual report. Therefore, option A is the most appropriate answer. Options B, C, and D are not entirely accurate, as the objective of the audit is not just to assess the accuracy of the financial statements or the annual report, but to provide an opinion on their fairness in all material respects.

The Objective of an Audit of the Financial Statements Is