Procedures used to verify accounting reports and statements are referred to as a(n)
A)management audits.
B)accounting audits.
C)activity-based costing (ABC).
D)financial analysis.
E)budget audit.

Question

Quizplus · Accepted Answer

Procedures used to verify accounting reports and statements are commonly referred to as accounting audits. These audits are conducted by independent auditors who examine the financial statements prepared by companies to ensure that they conform to Generally Accepted Accounting Principles (GAAP) and accurately represent the company's financial position. Accounting audits are an important tool for promoting transparency and accountability in financial reporting.

Procedures Used to Verify Accounting Reports and Statements Are Referred