b$.$ Which of the following engagements is most likely to be considered an operational audit?

a$.$ The auditor determines whether the organization is following provisions of laws and regulations.

b$.$ The auditor examines information presented in an entity$$s financial statements to determine whether the financial statements are presented fairly in accordance with the applicable financial reporting framework.

c$.$ The auditor evaluates the organization$$s efficiency in processing payments.

d$.$ The auditor assists the client in preparation of financial statements.

c$.$ In a financial statement audit, the auditor obtains a reasonable level of assurance about whether the financial statements are free of material misstatement in order to express an opinion. In order to obtain reasonable assurance, the auditor must

$0.$ have prior experience in the industry in which the audit client operates.

$1.$ examine all documents available that support the financial statements.

$2.$ obtain sufficient audit evidence.

$3.$ test controls around significant transaction cycles.