A basic objective of an audit firm is to provide professional services to conform with professional standards.Reasonable assurance of achieving this basic objective is provided through:
A) continuing professional education.
B) a system of quality control.
C) compliance with ASX listing requirements.
D) a system of peer review.

Question

Quizplus · Accepted Answer

A system of quality control provides the necessary framework for an audit firm to ensure that its professional services are consistent with professional standards. Continuing professional education, compliance with ASX listing requirements, and a system of peer review are all important components of quality control, but they are not sufficient on their own to provide reasonable assurance of achieving the basic objective of conforming with professional standards.

A Basic Objective of an Audit Firm Is to Provide