Scope of financial audit is__________?
Correct answer: A. Financial information
- A. Financial information
- B. Non-financial information
- C. Both (a) and (b)
- D. None of theseCompare Credit Cards
Explanation
A financial audit primarily examines financial information, especially the financial statements, to provide an opinion on whether they are fairly presented. Non-financial information may be considered as audit evidence, but it is not the main scope of a financial audit.
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About Auditing
Auditing examines accounting records and financial statements to determine whether they present a reliable and fairly stated position. The subject covers audit objectives, internal controls, audit evidence, materiality, vouching, verification, working papers, auditor independence, audit reports, and the distinction between an audit and accounting or investigation.
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