IIA Exam IIA-CGAP Topic 6 Question 77 Discussion

Actual exam question for IIA's IIA-CGAP exam

Question #: 77
Topic #: 6

All of the following are the objectives of an audit EXCEPT:

ACompliance with legislative or regulatory requirements and related authorities.

Bthe auditor's opinion enhances the credibility of the financial statements, the user Cannot assume that the opinion is an assurance as to the future viability of the entity nor the efficiency or effectiveness with which management has conducted the affairs of the entity.

CThe phrases used to express the auditor's opinion are ''give a true and fair view'' or ''present fairly, in all material respects,'' which are equivalent terms.

DThe objective of an audit of financial statements is to enable the auditor to express an opinion whether the financial statements are prepared, in all material respects, in accordance with and identified financial reporting framework.

Show Suggested Answer

Suggested Answer: A

by Ashlyn at May 11, 2024, 03:01 AM

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Winfred

7 days ago

This question is making me feel like a forensic accountant trying to catch the Joker! But seriously, I think the answer is B. The auditor's opinion is not a crystal ball, it's just a professional opinion based on the evidence they have.

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Annmarie

17 days ago

Oh man, this question is making my head spin! I'm going to have to go with D. The objective of an audit is to see if the financial statements are prepared according to the identified reporting framework. Easy peasy, right? *laughs nervously*

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Shannan

6 days ago

User 1: Yeah, D sounds right. It's all about making sure the financial statements follow the reporting framework.

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Wilford

23 days ago

Aha, I've got this one! The answer is B. The objective of an audit is not to enhance the credibility of the financial statements, that's just a byproduct. The auditor is there to express an opinion, not make promises about the future.

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Dorthy

1 months ago

Hmm, this is a tough one. I think the answer is C, but I'm not 100% sure. I know the auditor's opinion has to use certain phrases, but I'm not sure if they're exactly equivalent.

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Leatha

6 days ago

User 2: I agree, the phrases used are important in expressing the auditor's opinion.

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Hyman

7 days ago

User 1: I think the answer is C, the phrases are equivalent.

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Alana

1 months ago

I'm not sure, but I think it's important for the auditor's opinion to enhance the credibility of the financial statements.

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Arlene

1 months ago

I agree with Talia, the objective of an audit is to express an opinion on the financial statements.

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Talia

1 months ago

I think the answer is D.

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Alecia

1 months ago

Whoa, this question is a tricky one! I'm not sure about the correct answer, but I'm pretty sure it's not B. The auditor's opinion doesn't guarantee the future viability of the entity, that's just common sense.

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Lakeesha

9 days ago

C) The phrases used to express the auditor's opinion are ''give a true and fair view'' or ''present fairly, in all material respects,'' which are equivalent terms.

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Stephane

11 days ago

A) Compliance with legislative or regulatory requirements and related authorities.

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