Auditing · Standards on Auditing
The 'reasonable assurance' obtained by an independent auditor, as per SA-200, is best described by which of the following statements?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1A high level of assurance that is not a absolute guarantee, indicating that the financial statements are free from material misstatement.✓
- 2A level of assurance that is only slightly higher than moderate, acknowledging inherent limitations.
- 3A complete guarantee that the financial statements are free from all misstatements, including minor ones.
- 4An absolute assurance that all instances of fraud and error have been detected and corrected.
Correct answer
A high level of assurance that is not a absolute guarantee, indicating that the financial statements are free from material misstatement.
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