Audits of Financial Statements Are Designed to Obtain Reasonable Assurance

Multiple Choice

Audits of financial statements are designed to obtain reasonable assurance of detecting material misstatements due to: $$\begin{array} { | c | c | c | } \hline & \text { Errors } & \text { Misappropriation of Assets } \\\hline \text { A. } & \text { Yes } & \text { Yes } \\\hline \text { B. } & \text { Yes } & \text { No } \\\hline \text { C. } & \text { No } & \text { Yes } \\\hline \text { D. } & \text { No } & \text { No } \\\hline\end{array}$$

A) Option A
B) Option B
C) Option C
D) Option D