To express an opinion on financial statements, the auditor obtains reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error.

Question

Quizplus · Accepted Answer

This statement accurately reflects the role and responsibilities of the auditor in expressing an opinion on financial statements. The auditor is required to obtain reasonable assurance about the accuracy and completeness of the financial statements as a whole, and to identify and report any material misstatements that could affect the users' understanding of the financial statements. This assurance is obtained through various audit procedures, such as conducting tests of controls and substantive procedures, obtaining corroborating evidence, and evaluating the overall presentation of the financial statements.

To Express an Opinion on Financial Statements, the Auditor Obtains