Under generally accepted auditing standards,auditors are responsible for detecting
A) All manners of fraud.
B) Theft and illegal acts.
C) Violations of auditing standards.
D) Material misstatements of financial statements.

Question

Quizplus · Accepted Answer

Under generally accepted auditing standards, auditors are responsible for detecting material misstatements of financial statements. While auditors are required to understand and assess the risk of fraud and illegal acts, they are not responsible for detecting all instances of such behavior. Similarly, while auditors are expected to comply with auditing standards, they are not responsible for detecting violations of these standards.

Under Generally Accepted Auditing Standards,auditors Are Responsible for Detecting