According to GAAS, the Overall Objective of a Financial Statement

question 12

Multiple Choice

According to GAAS, the overall objective of a financial statement audit is:

• A)To enable the auditor to express an opinion as to whether the financial statements are prepared in accordance with generally accepted accounting principles.
• B)To reduce audit risk to an acceptably low level.
• C)To determine whether the financial principles adopted by management in preparing the financial statements are acceptable.
• D)To obtain reasonable assurance that the financial statements taken as a whole are free from misstatement, whether due to fraud or error.

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Definitions:

Somatic Nervous System

A component of the peripheral nervous system that conveys sensory information to the central nervous system and controls voluntary movements of the body.

Motor Nervous System

The motor nervous system is a division of the peripheral nervous system that controls voluntary muscle movements.

Sensory Nervous System

The part of the nervous system responsible for processing sensory information from the external and internal environment, sending it to the brain for interpretation.

Autonomic Nervous System

The part of the nervous system responsible for controlling involuntary body functions, like heart rate, digestion, and breathing.