Auditors need only understand the rules of accounting as the principles are outdated.

Question

Quizplus · Accepted Answer

Auditors must understand the principles of accounting to effectively evaluate a company's financial statements and ensure they are accurate, complete, and in compliance with relevant standards and regulations. While some specific rules may have changed or evolved over time, the underlying principles of accounting remain essential for auditors to perform their duties effectively.

Auditors Need Only Understand the Rules of Accounting as the Principles