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[1] The objective of the audit of GAAP-based financial statements is to A. Make suggestions as to the form or content of the financial statements or to draft them in whole or in part B. Express an opinion on the fairness with which the statements present financial position, results of operations, and cash flows in accordance with generally accepted accounting principles. C. Ensure adoption of sound accounting policies and the establishment and maintenance of internal control. D. Express an opinion on the accuracy with which the statements present financial position, results of operations, and cash flows in accordance with generally accepted accounting principles. The correct answer is B. Highlight [2] Which of the following best describes why an independent auditor is asked to express an opinion on the fair presentation of financial statements? A. It is difficult to prepare financial statements that fairly present a company's financial position, results of operations, and cash flows without the expertise of an independent auditor. B. It is management's responsibility to seek available independent aid in the appraisal of the financial information shown in its financial statements. C. The opinion of an independent party is needed because a company may not be objective with respect to its own financial statements. D. It is a customary courtesy that all shareholders of a company receive an independent report on management's stewardship in managing the affairs of the business. The correct answer is C. Ipage 7 of 18) Highl [12] The auditor's report in an audit of an issuer may be addressed to A. The chief operating officer. B. Whom it may concern. C. The board of directors and shareholders. D. The chief financial officer. The correct answer is C. A. The auditor's report should not be addressed to the chief operating officer of the company audited. B. The auditor's report should not be addressed to a generic party. C. The PCAOB standards (AS 3101) require the audit report to be addressed to the board of directors and shareholders. D. The auditor's report should not be addressed to the chief financial officer of the client. [13] An auditor's report on comparative financial statements should be dated as of the date of the A. Issuance of the report. B. No earlier than completion of the auditor's most recent audit. C. Latest financial statements being reported on. D. Last subsequent event disclosed in the statements. The correct answer is B. A. Using the date of issuance imnlies that the