没理解

问题如下：

Question Which of the following is most accurate with respect to inherent limitations of audits?

选项：

A.An audit opinion is based on a review of information only prepared by the auditor

B.An audit is based on an exhaustive review of all transactions during a financial year

C.An expectations gap may exist between the auditor’s role and the public’s expectation of auditors

解释：

1. Incorrect because an audit is based on a review of information provided by the company, not the auditor. Although audit opinions provide discipline for financial reporting quality, inherent limitations exist. An audit opinion is based on a review of information prepared by the company.

2. Incorrect because an audit is based on sampling, not an exhaustive review of all transactions. Although audit opinions provide discipline for financial reporting quality, inherent limitations exist. An audit is based on sampling, and the sample might not reveal misstatements.

3. Correct because although audit opinions provide discipline for financial reporting quality, inherent limitations exist. An “expectations gap” may exist between the auditor’s role and the public’s expectation of auditors. An audit is not typically intended to detect fraud; it is intended to provide assurance that the financial reports are fairly presented.

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