An auditor who performs a financial statement audit is required by professional standards to gain an understanding of the client's accounting information system before expressing an opinion.

Question

Quizplus · Accepted Answer

This statement is true. According to auditing standards, auditors must obtain an understanding of the client's accounting system to properly plan and conduct the audit. This includes evaluating the design and implementation of internal controls relevant to the financial reporting process.

An Auditor Who Performs a Financial Statement Audit Is Required