Which of the Following Best Describes the Primary Purpose of Audit

question 66

Multiple Choice

Which of the following best describes the primary purpose of audit procedures?

• A) To detect all errors or fraudulent activities.
• B) To comply with generally accepted accounting principles.
• C) To gather corroborative evidence about management's assertions.
• D) To verify the accuracy of the balance sheet account balances.

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Definitions:

Personal Savings

The portion of disposable income not spent on consumption but kept aside for future use or emergencies.

Business Savings

Business Savings refers to the portion of a business's profits that are set aside for future investment, as opposed to being distributed to shareholders or used for current expenses.

Government Savings

Funds accumulated by a government when it receives more money from taxes and other revenues than it spends.

Neuroticism Scale

A psychological measurement tool used to assess an individual's tendency towards emotional instability and anxiety.