In the audit of historical financial statements by PA firms, the criteria used are
A) generally accepted auditing standards.
B) generally accepted accounting principles.
C) regulations of the Canada Revenue Agency.
D) regulations of the provincial securities commissions.

Question

Quizplus · Accepted Answer

The criteria used in the audit of historical financial statements are generally accepted accounting principles (GAAP), which provide the framework for preparing and presenting financial statements.

In the Audit of Historical Financial Statements by PA Firms