Which of the following statements in NOT true regarding audits and auditors

Multiple Choice

The criteria used for a financial statement audit is that the statements are prepared 'in accordance with generally accepted accounting principles'.

Financial statement audits are conducted by CPA's employed by public accounting firms that are affiliated with the firms being audited.

In a financial statement audit, 'what is', is represented by the financial statements and 'what should be' is represented by GAAP.

An auditor provides additional assurance and adds credibility to financial statements by rendering an audit opinion.

An audit is an examination whereby the correspondence between a descriptive view of the environment (what is) is compared with a normative view of the environment (what should be).