An Audit Is Useful to Financial Statement Users Because It

question 130

Short Answer

An audit is useful to financial statement users because it
A)Guarantees that the financial statements are accurate and correct.
B)Guarantees that management has not been involved in misappropriation of assets.
C)Provides reasonable assurance that the financial statements do not have material misstatements.
C)The financial audit does not guarantee complete accuracy or the absence of fraud. It does provide reasonable assurance of material accuracy and compliance with GAAP.
D) Both B and

• A)Guarantees that the financial statements are accurate and correct.
• B)Guarantees that management has not been involved in misappropriation of assets.
• C)Provides reasonable assurance that the financial statements do not have material misstatements.
• C)The financial audit does not guarantee complete accuracy or the absence of fraud. It does provide reasonable assurance of material accuracy and compliance with GAAP.
• D) Both B and

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Definitions:

Piaget's Theory

A theory of cognitive development that explains how children construct a mental model of the world through experiences and stages of development.

Developmental Norms

Benchmarks or standards of development that describe typical progress and milestones for children at certain ages.

Psychological Counselling

A type of therapy aimed at addressing mental health issues by talking through problems with a trained therapist.

Developmental Delays

The condition in which a child does not reach their developmental milestones at the expected times.