CPA CFE Exam

Under Canadian Auditing Standards (CAS), what is the primary objective of a financial statement audit?

To detect all instances of fraud within the organization To obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement and to express an opinion thereon To guarantee the accuracy of every transaction recorded To evaluate management's effectiveness in running the business

Correct Answer:

To obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement and to express an opinion thereon

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