When conducting an audit of financial statements, an auditor must give an opinion on the existence of fraud in the company's financial statements.

Question

Quizplus · Accepted Answer

An auditor's primary objective is to provide an opinion on whether the financial statements are presented fairly, in all material respects, in accordance with the applicable financial reporting framework. While the auditor is responsible for considering fraud in assessing the risk of material misstatement, giving an opinion specifically on the existence of fraud is not the primary purpose of an audit of financial statements.

When Conducting an Audit of Financial Statements, an Auditor Must