Accounting for IGCSE & O level - The Fundamentals Of Accounting (Section 16 - No. 36)
What is the purpose of an audit?
To prepare a company's tax return.
To provide an opinion on the fairness of the financial statements.
To manage the day-to-day operations of the business.
To determine the company's net income.
Explanation
An audit provides an independent opinion on whether a company's financial statements are presented fairly, in all material respects, in accordance with the applicable accounting framework.
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