The basic purpose of an audit is to:
A)Assure financial statements are in conformity with GAAP.
B)Provide as much useful information to decision makers as possible,regardless of cost.
C)Record changes in the financial position of an organization by applying the concepts of double entry accounting.
D)Meet an organization's need for accounting information as efficiently as possible.

Question

Quizplus · Accepted Answer

The primary purpose of an audit is to assure that financial statements are presented fairly and in conformity with Generally Accepted Accounting Principles (GAAP). It is not the purpose of an audit to provide decision makers with as much information as possible, record changes in the financial position of an organization, or meet an organization's need for accounting information as efficiently as possible.

The Basic Purpose of an Audit Is To