Which of the Following Best Describes the Reason Why Independent

question 35

Multiple Choice

Which of the following best describes the reason why independent auditors report on financial statements?

• A)A management fraud may exist and it is more likely to be detected by independent auditors.
• B)An audit provides credibility to the financial statements.
• C)A misstatement of account balances may exist and is generally corrected as the result of the independent auditors' work.
• D)Poorly designed internal control may be in existence.

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Definitions:

Antique Porcelain

A category of collectible or valuable ceramics made in earlier periods, often prized for their craftsmanship, history, and aesthetic qualities.

Valued

Considered to be of importance, worth, or usefulness in a particular context.

Sustainability

The practice of conducting business in a manner that seeks to mitigate environmental impact and promote long-term ecological balance.

Future Generations

Future members of society who will live after the current generation and are often considered in discussions of sustainability and legacy.