Economics · Auditing
Which of the following statements best defines the primary objective of an external audit?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1It provides negative assurance regarding the truth and fairness of a company's financial statements
- 2Its primary purpose is to identify operational deficiencies within a company and provide strategic recommendations to management
- 3It is an exercise carried out primarily to provide a definitive opinion on the operational effectiveness of a company's internal control system
- 4It is an exercise carried out by auditors to express an opinion on whether the financial statements are prepared, in all material respects, in accordance with an applicable financial reporting framework✓
Correct answer
It is an exercise carried out by auditors to express an opinion on whether the financial statements are prepared, in all material respects, in accordance with an applicable financial reporting framework
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