As a certified public accountant (CPA), Tanvi understands the importance of audited financial statements. Which of the following is incorrect regarding the importance of audited financial statements? The purpose of an audit is to make sure that a firm's financial statements have been prepared in accordance with generally accepted accounting principles (GAAPs). An audit and the resulting report does not guarantee that a company has not "cooked" the books. GAAPs have been developed to provide a set of guidelines and practices for companies across the world to report financial information in a uniform way. An audit is an examination of a company's financial statements and the accounting practices that produced them