The purpose of quality control standards for firms is to insure that any case of fraud will be uncovered by the auditors.

Question

Quizplus · Accepted Answer

The purpose of quality control standards for firms is not just to uncover fraud, but also to ensure the accuracy and reliability of financial statements, compliance with laws and regulations, and effective and efficient operations. Although auditors may identify fraud during their work, uncovering fraud is not the sole purpose of quality control standards.

The Purpose of Quality Control Standards for Firms Is to Insure