Procedures used to verify accounting reports and statements are referred to as
A) Management audits.
B) Accounting audits.
C) Activity-based costing (ABC).
D) Financial analysis.
E) Budget audits.

Question

Quizplus · Accepted Answer

Accounting audits, which are designed to verify accounting reports and statements, are essential to the control process. This type of audit is performed by members of an outside firm of public accountants.

Procedures Used to Verify Accounting Reports and Statements Are Referred