The audit process _______.
A)can typically take up to a year
B)is aimed primarily at creditors
C)enhances the degree of confidence that intended users place in the financial statements
D)decreases the degree of confidence that intended users place in the financial statements

Question

Quizplus · Accepted Answer

The audit process is aimed at enhancing the degree of confidence that intended users place in the financial statements, by providing an independent and objective review of the financial information. The time taken for the audit process can vary depending on the complexity of the audit and organization being audited. The audit process is not aimed primarily at creditors but is relevant to various stakeholders, including investors, regulators, and management. Option D is incorrect as the aim of the audit process is to increase confidence in financial statements, not decrease it.

The Audit Process _______