The primary purpose of a financial statement audit is to provide an opinion about whether...
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Accounting
The primary purpose of a financial statement audit is to provide an opinion about whether an entity's financial statements are presented fairly in all material respects in conformity with an applicable financial reporting framework.While auditors know this is the framework of an audit, public perception is often different. What does the public think an audit does? Should auditors be concerned about public perception? What happens when an audit does not "catch" an instance of fraud?
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