Audits of financial statements are designed to obtain reasonable assurance of detecting material misstatements due to: $\begin{array}{lcc}
& \text { Errors } & \text { Misappropriation of Assets } \
\text { A) } & \text { Yes } & \text { Yes } \
\text { B) } & \text { Yes } & \text { No } \
\text { C) } & \text { No } & \text { Yes } \
\text { D) } & \text { No } & \text { No }
\end{array}$
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 material misstatements due to: $\begin{array}{lcc} 
& \text { Errors } & \text { Misappropriation of Assets } \
\text { A) } & \text { Yes } & \text { Yes } \
\text { B) } & \text { Yes } & \text { No } \
\text { C) } & \text { No } & \text { Yes } \
\text { D) } & \text { No } & \text { No }
\end{array}$
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 material misstatements due to both errors and misappropriation of assets. Therefore, Option A is the correct choice.

Audits of Financial Statements Are Designed to Obtain Reasonable Assurance