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Question 56 - IIA-CIA-Part2 discussion

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Which of the following is the primary purpose of financial statement audit engagements?

A.
To assess the efficiency and effectiveness of the accounting department.
Answers
A.
To assess the efficiency and effectiveness of the accounting department.
B.
To evaluate organizational and departmental structures, including assessments of process flows related to financial matters.
Answers
B.
To evaluate organizational and departmental structures, including assessments of process flows related to financial matters.
C.
To provide a review of routine financial reports, including analyses of selected accounts for compliance with generally accepted accounting principles.
Answers
C.
To provide a review of routine financial reports, including analyses of selected accounts for compliance with generally accepted accounting principles.
D.
To provide an analysis of business process controls in the accounting department, including tests of compliance with internal policies and procedures.
Answers
D.
To provide an analysis of business process controls in the accounting department, including tests of compliance with internal policies and procedures.
Suggested answer: C

Explanation:

The primary purpose of financial statement audit engagements is to review financial reports and ensure they comply with generally accepted accounting principles (GAAP). This involves verifying the accuracy and fairness of the financial statements, ensuring they provide a true and fair view of the organization's financial position and performance.

Reference: = IIA Practice Guide: ''Auditing Financial Statements'' and IIA Standard 2110.A1.

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asked 18/09/2024
Alberto Paniagua
30 questions
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