Which of the following is not true of "reasonable assurance"?
A) The auditors have exercised due care
B) The audit opinion is a guarantee that material misstatements have been identified
C) The audit has been properly planned and supervised
D) The auditors have followed GAAS

Question

Quizplus · Accepted Answer

Reasonable assurance does not provide a guarantee that material misstatements have been identified. While the audit provides a reasonable basis for the auditor's opinion, it does not guarantee the absence of material misstatements. The rest of the options are true of reasonable assurance.

Which of the Following Is Not True of "Reasonable Assurance