Use of Generally Accepted Accounting Principles (GAAP) and auditors have eliminated the danger of inadvertent or deliberate fraud in financial statements.

Question

Quizplus · Accepted Answer

While GAAP and auditors help to improve the accuracy and reliability of financial statements, they cannot completely eliminate the risk of fraud. Fraudulent activities can still occur even with the use of these measures, and auditors may not always detect them. It is important for companies to have strong internal controls and ethical standards in place to prevent and deter fraud.

Use of Generally Accepted Accounting Principles (GAAP) and Auditors Have