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What is the primary purpose of an audit?
Practice Questions
Q1
What is the primary purpose of an audit?
To prepare financial statements
To detect fraud
To provide assurance on financial statements
To manage company finances
Questions & Step-by-Step Solutions
What is the primary purpose of an audit?
Steps
Concepts
Step 1: Understand what an audit is. An audit is a review of financial statements.
Step 2: Know what financial statements are. These are documents that show a company's financial performance and position.
Step 3: Learn about material misstatement. This means errors or fraud that could affect the understanding of the financial statements.
Step 4: Realize the goal of an audit. The goal is to check if the financial statements are accurate and trustworthy.
Step 5: Conclude that the primary purpose of an audit is to provide assurance that the financial statements are free from material misstatement.
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