Audits of financial statements are designed to obtain reasonable assurance of detecting misstatement due to: $$\begin{array}{l}

\begin{array} { lcc }
&\text { Fraudulent Finaricial Reporting } & \text { Misappropriation of Assets }\
\text { A } & \text { Yes } & \text { Yes } \
\text { B. } & \text { Yes } & \text { No } \
\text { C. } & \text { No } & \text { Yes } \
\text { D. } & \text { No } & \text { No }
\end{array}
\end{array}$$
A)Option A
B)Option B
C)Option C
D)Option D

Question

Audits of financial statements are designed to obtain reasonable assurance of detecting misstatement due to: $$\begin{array}{l}

\begin{array} { lcc } 
&\text { Fraudulent Finaricial Reporting } & \text { Misappropriation of Assets }\
\text { A } & \text { Yes } & \text { Yes } \
\text { B. } & \text { Yes } & \text { No } \
\text { C. } & \text { No } & \text { Yes } \
\text { D. } & \text { No } & \text { No }
\end{array}
\end{array}$$
A)Option A
B)Option B
C)Option C
D)Option D

Quizplus · Accepted Answer

Audits of financial statements are designed to obtain reasonable assurance of detecting misstatement due to both fraudulent financial reporting and misappropriation of assets. Therefore, the correct option is A.

Audits of Financial Statements Are Designed to Obtain Reasonable Assurance