Which of the Following Statements Is Correct About the Objective

question 26

Multiple Choice

Which of the following statements is correct about the objective of the audit process?

• A)Generally accepted auditing standards require the auditor to obtain assurance about whether the financial statements are free from all misstatements.
• B)Assurance is obtained by the auditor when he has obtained sufficient appropriate audit evidence to reduce audit risk to an acceptably low level.
• C)A misstatement is an error or fraud in the financial statements that might cause a user of the financial statements to change his decision about the company.
• D)Sufficient appropriate audit evidence refers to the quantity and quality of the evidence gathered.

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Definitions:

Compounds

Substances formed from two or more elements chemically bonded together in fixed proportions.

Distinction

A differentiation between two or more substances or concepts based on their characteristics or properties.

Proton Spin Decoupled

A nuclear magnetic resonance (NMR) spectroscopy technique that simplifies complex spectra by removing interactions between proton spins, aiding in structure determination.

Peaks

Points in a dataset or graph representing maximum values or points of interest, often used in analysis.