Which of the following best describes the primary purpose of audit procedures?
A) To detect all errors or fraudulent activities.
B) To comply with generally accepted accounting principles.
C) To gather corroborative evidence about management's assertions.
D) To verify the accuracy of the balance sheet account balances.

Question

Quizplus · Accepted Answer

The primary purpose of audit procedures is to gather corroborative evidence about management's assertions, not to detect all errors or fraudulent activities. Compliance with generally accepted accounting principles and verifying the accuracy of balance sheet account balances may be a secondary purpose of audit procedures, but the primary purpose is to evaluate the reliability of management's assertions about the financial statements.

Which of the Following Best Describes the Primary Purpose of Audit