Sarah O'Hann enjoyed taking her first auditing course as part of her undergraduate accounting program. While at home during her semester break, she and her father discussed the class, and it was clear that he didn't really understand the nature of the audit process as he asked the following questions: (Click the icon to view the questions.) Requirement If you were Sarah, how would you respond to each question? a. What is the main objective of the audit of an entity's financial statements? A. The main objective of an audit of financial statements is to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, thereby enabling the auditor to express an opinion in a written report on whether the financial statements are presented fairly, in all material respects, in accordance with an applicable financial reporting framework. B. The main objective of the audit is to detect all types of fraud, even though many types of fraud do not impact the financial statements. The importance of this is due to the auditor being able to report that the financial statements as a whole are free from material misstatement, whether due to fraud or error. C. The main objective of the audit is to express an opinion on the financial statements in accordance with SAS No. 125. The auditor obtains reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error. D. None of the above. More info a. What is the main objective of the audit of an entity's financial statements? b. Given the CPA firm is auditing financial statements, why would they need to understand anything about the client's business? c. What does the auditor do in an audit other than verify the mathematical accuracy of the numbers in the financial statements? d. The audit represents the CPA firm's guarantee about the accuracy of the financial statements, right? e. Isn't the auditor's primary responsibility to detect all kinds of fraud at the client