Audit is a process of evaluating the accuracy of financial information in order to reach a level of assurance within the auditor which would allow expression of an opinion on the reliability of information presented. Audit engagements of special nature, allow the auditor to express opinion on individual item or group of items of financial statement without undertaking the audit of entire set of financial statement. The opinion expressed in such a case shall be only for the item audited and this fact needs to be stated in audit report. To select: The correct option.

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Chapter 18, Problem 18.21MCQ

To determine

Introduction:

Audit is a process of evaluating the accuracy of financial information in order to reach a level of assurance within the auditor which would allow expression of an opinion on the reliability of information presented.

Audit engagements of special nature, allow the auditor to express opinion on individual item or group of items of financial statement without undertaking the audit of entire set of financial statement.

The opinion expressed in such a case shall be only for the item audited and this fact needs to be stated in audit report.

To select: The correct option.

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