Which of the Following Is the Essential Purpose of the Audit

question 6

Multiple Choice

Which of the following is the essential purpose of the audit function?

• A)Detection of fraud
• B)Examination of individual transactions to certify as to their validity
• C)Determination of whether the client's financial statement assertions are fairly state
• D)Assurance of the consistent application of correct accounting procedures

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Definitions:

Parallel Connection

An arrangement in electrical circuits where components are connected across common junction points, allowing each component to operate independently of the others.

Frequency Source

An electronic device or system that generates a repetitive signal of a fixed, specified frequency.

Anti-Federalist

Individuals opposed to the ratification of the U.S. Constitution in the late 18th century, fearing it concentrated too much power at the federal level and lacked sufficient protection for individual rights.

Liberty

A fundamental principle referring to the freedom of individuals to live their life without restrictive laws, interference from others, or governmental control, except under the law.