Users can reasonably expect audited financial statements to be

Question

Quizplus · Accepted Answer

Audited financial statements are expected to be complete and contain all important financial disclosures, be free from material misstatements and be presented fairly according to GAAP (Generally Accepted Accounting Principles). GAAP is a set of guidelines that ensures consistency in financial reporting to facilitate understanding and comparability of financial information among different entities. Auditors follow GAAP to ensure that the financial statements are accurate, complete, and presented fairly.

Users Can Reasonably Expect Audited Financial Statements to Be