the objective of the audit of gaap-based financial statements is to group of answer choices make suggestions as to the form or content of the financial statements or to draft them in whole or in part. express an opinion on the fairness with which the statements present financial position, results of operations, and cash flows in accordance with generally accepted accounting principles. ensure adoption of sound accounting policies and the establishment and maintenance of internal control. express an opinion on the accuracy with which the statements present financial position, results of operations, and cash flows in accordance with generally accepted accounting principles.

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15-11-2022
Business

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the objective of the audit of gaap-based financial statements is to group of answer choices make suggestions as to the form or content of the financial statements or to draft them in whole or in part. express an opinion on the fairness with which the statements present financial position, results of operations, and cash flows in accordance with generally accepted accounting principles. ensure adoption of sound accounting policies and the establishment and maintenance of internal control. express an opinion on the accuracy with which the statements present financial position, results of operations, and cash flows in accordance with generally accepted accounting principles.

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tutorconsortium112 tutorconsortium112 · Answer 1 · 2022-11-20T11:28:25+01:00

The application of financial accounting is governed by generally accepted accounting principles (GAAP). The purpose of GAAP is to guarantee the accuracy, consistency, comparability, and relevance of the information produced by financial accounting.

What is the primary objective of GAAP?

The goal of GAAP is to guarantee that financial reporting is clear and consistent across all organizations.
The auditor's goals are to determine with a reasonable degree of certainty whether the financial statements as a whole do not contain any serious misstatements, whether from fraud or error, and to publish an auditor's report that provides the auditor's opinion.
The phrase "GAAP" refers to a collection of accounting principles, guidelines, and practices that are employed in the preparation and standardization of financial statements that are released by businesses. By creating consistency and openness, these guidelines seek to aid creditors and investors in better comparing businesses.
The application of financial accounting is governed by generally accepted accounting principles (GAAP). The purpose of GAAP is to guarantee the accuracy, consistency, comparability, and relevance of the information produced by financial accounting.

To learn more about GAAP refer to:

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