A(n)________ is an examination of the ________ records of an organization to determine whether the records are a fair representation of the actual financial health of the organization.

Question

Quizplus · Accepted Answer

An audit is specifically designed to examine and assess an organization's financial records to ensure that they are accurate, consistent, and in compliance with accounting principles and regulations. A financial review or appraisal may also involve examining financial records, but an audit is a more thorough and comprehensive examination. Option B is incorrect because an appraisal is typically used to assess the value of assets, rather than financial records. Option C is incorrect because a review is less comprehensive than an audit and may not involve an examination of all financial records. Option D is incorrect because an audit is not typically conducted as part of a dissolution process.

A(n)________ Is an Examination of the ________ Records of an Organization

A(n) Is an Examination of the Records of an Organization