The highest level of assurance is provided by:
A)compiling financial reports.
B)agreed-upon procedures.
C)review.
D)audit.

Question

Quizplus · Accepted Answer

The highest level of assurance is provided by an audit. An audit involves obtaining and evaluating evidence in order to express an opinion on the financial statements. This requires a higher level of work and scrutiny than a review or agreed-upon procedures, and thus provides the highest level of assurance. Compiling financial reports does not provide any level of assurance, as it only involves putting the information into a presentable format.

The Highest Level of Assurance Is Provided By