Common law requires that the auditor:
A)guarantees their work.
B)performs their work with due care.
C)discovers all fraud.
D)checks all transactions.

Question

Quizplus · Accepted Answer

Common law requires auditors to perform their work with due care, which means that they must exercise a reasonable and prudent level of skill, care, and diligence in performing audit services. While auditors strive to detect fraud, they are not required to guarantee their work or uncover all instances of fraud. Additionally, auditing procedures are designed to provide reasonable assurance, but not absolute assurance, that financial statements are free from material misstatement. Auditors cannot check all transactions due to time constraints and the concept of materiality.

Common Law Requires That the Auditor