Which of the Following Statements Is True with Regards to Financial

question 52

Multiple Choice

Which of the following statements is true with regards to financial statement audits?

• A)The auditors guarantee that the financial statements are accurate and correct.
• B)Financial audits are directed toward the discovery of fraud.
• C)Auditors provide reasonable assurance that statements are free from material misstatements,whether caused by errors or fraud.
• D)Auditors will not disclose information that they have acquired as a result of their accountant-client relationship.

Grasp the legal implications of possessing stolen goods and the liability of warehouses.

Understand the basic principles and types of property and insurance contracts.

Differentiate between tangible and intangible property.

Know the conditions under which gifts can be made and their legal effects.