WGU D215 - auditing exam 2023 with 100% correct answers

What is the objective of a financial statement audit? Provide financial statement users with an opinion by the auditor on whether the financial statements are presented fairly in accordance with an applicable financial reporting framework Who are intended users of assurance services? Decision makers ie Investors Creditors Regulators What does "independent" mean in the context of assurance services? The person performing the service is not involved with the creation of the information & is objective in the evaluation of the information. What is an example of an "applicable financial reporting framework"? GAAP IFRS federal income tax basis of accounting What are the most common functions of the internal auditors? Evaluating and improving risk management Internal control procedures Elements of the governance process What are the three elements of an operational audit? Economy... Efficiency... Effectiveness... ...Of an organizations activities