A basic objective of an audit firm is to provide professional services in conformance 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 Australian Securities Exchange listing requirements.
D)a system of peer review.

Question

Quizplus · Accepted Answer

A system of quality control is the most relevant way to ensure that the audit firm is able to provide professional services in conformance with professional standards. This system includes policies and procedures that are designed to ensure that audits are conducted in accordance with professional standards and applicable legal and regulatory requirements. Continuing professional education, compliance with Australian Securities Exchange listing requirements, and a system of peer review are also important, but they are not as integral to providing reasonable assurance of achieving the basic objective of the audit firm.

A Basic Objective of an Audit Firm Is to Provide