In a Financial Statement Audit, Which Level of Assurance Provides

question 75

Multiple Choice

In a financial statement audit, which level of assurance provides that no material modifications should be made to the financial statements for them to be in accordance with the applicable financial reporting framework?

• A)Reasonable assurance
• B)Limited assurance
• C)No assurance
• D)None of the answers are correct.

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Definitions:

Internal Controls

Systems and procedures implemented by a company to ensure the integrity of financial and accounting information.

Information Processing

The collection, manipulation, storage, retrieval, and classification of information.

Revenue Journal

An accounting ledger dedicated to recording sales transactions that generate revenue for a business.

Account

An accounting form that is used to record the increases and decreases in each financial statement item.