What Is the Purpose of an Audit

question 82

Multiple Choice

What is the purpose of an audit?

• A)to prove the accuracy of an entity's financial statements.
• B)to lend credibility to an entity's financial statements.
• C)to endorse the quality of leadership that managers provide for a corporation.
• D)to establish that a corporation's shares are a sound investment.

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Definitions:

Jet

A high-speed aircraft powered by jet engines that is capable of flight at speeds greater than the speed of sound.

Offeror Dies

In contract law, this refers to the scenario where the individual making an offer (offeror) passes away before the offer is accepted, potentially affecting the validity of the offer.

Offer Terminates

Offer terminates refers to the point at which a proposal for a contract or agreement is withdrawn or becomes invalid, ending the possibility of acceptance.

Offeree's Death

In contract law, the death of the offeree terminates an offer, preventing acceptance of the offer thereafter.