An audit of historical financial statements is most often performed to determine whether the:
A) organization is operating efficiently and effectively.
B) entity is following specific procedures or rules set down by some higher authority.
C) management team is fulfilling its fiduciary responsibilities to shareholders.
D) none of these choices.

Question

Quizplus · Accepted Answer

An audit of historical financial statements is primarily performed to provide an opinion on whether the financial statements are presented fairly, in all material respects, in accordance with the applicable financial reporting framework, rather than to determine operational efficiency, rule compliance, or management's fiduciary responsibilities.

An Audit of Historical Financial Statements Is Most Often Performed