According to Generally Accepted Auditing Standards (GAAS),the Overall Objective of a Financial

question 40

Multiple Choice

According to generally accepted auditing standards (GAAS) ,the overall objective of a financial statement audit is ________.

• A)to enable the auditor to express an opinion as to whether the financial statements are prepared in accordance with generally accepted accounting principles
• B)to reduce audit risk to an acceptably low level
• C)to determine whether the financial principles adopted by management in preparing the financial statements are acceptable
• D)to obtain reasonable assurance that the financial statements taken as a whole are free from misstatement,whether due to fraud or error

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Definitions:

Bilateral Symmetry

A symmetrical form in which an organism can be divided into mirrored halves along a single plane, common in the animal kingdom.

Nerve Cells

Specialized cells of the nervous system that transmit electrical and chemical signals throughout the body, also known as neurons.

Endodermal Tissue

The innermost layer of cells or tissue of an embryo in early development or the innermost layer of the plant root and shoot system.

Ectodermal Tissue

A primary germ layer of embryonic cells that gives rise to the outermost layer of skin, nervous system, and various other structures in animals.