Asked by Justice Johnson on May 26, 2024
Verified
The purpose of an audit is to
A) determine whether or not a company is a good investment
B) render an opinion on the fairness of the statements
C) determine whether or not a company complies with corporate social responsibility
D) determine whether or not a company is a good credit risk
Audit
A systematic examination and evaluation of financial records or transactions of an entity to ensure accuracy, compliance with standards, or regulations.
Investment
The allocation of resources, such as capital or time, in expectation of generating a future return or benefit.
Corporate Social Responsibility
Refers to business practices involving initiatives that benefit society and demonstrate care for the environmental and social impacts of a company's operations.
- Recognize the importance and purpose of an audit.
Verified Answer
Learning Objectives
- Recognize the importance and purpose of an audit.
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