An audit is an independent examination conducted to ensure that the financial statements are true and fair. Auditing standards are certain defined rules and regulation that provide guidance to the auditors for conducting the audit efficiently and effectively. The auditing standards are followed to fulfill the objective of audit. To choose: The option that correctly states the reasonable expectations of the users of the audit report regarding the audited financial statement.

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Chapter 1, Problem 16MCQ

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Concept introduction: An audit is an independent examination conducted to ensure that the financial statements are true and fair. Auditing standards are certain defined rules and regulation that provide guidance to the auditors for conducting the audit efficiently and effectively. The auditing standards are followed to fulfill the objective of audit.

To choose:The option that correctly states the reasonable expectations of the users of the audit report regarding the audited financial statement.

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Financial accounting