The set of standards used in preparing the historlcal financial statements, such as GAAP or IFRS, is referred to as Generally Accepted Auditing Standards (GAAS] a review of historical financial statements the applicable financial reporting framework material modifications The purpose of audit services is to provide management with an opinion as to the faimess of the compary/s managerial accounting procedures financial statement users with an opinion as to the fair presentation of the financial reporting investment advice to the comparry limited assurance that no material modifications need to be made to the financial statements Independent professional attestation services improve the quality of information. Quality is best described as an improvement in informational relevance and reliability. internal and external qualities. financial and nonfinanclal qualities. historical and prospective qualities. Which two audits does an integrated audit combine? Acompliance audit and an audit of the effectiveness of ICFR A financial statement audit and an audit of the effectiveness of ICFR A performance audit and an ervironmental audit Afinancial statement audit and a compliance audit