Auditing and Attestation- Certified Public Accountant (CPA) Practice Exam -

Which of the following is NOT a goal of audit procedures?

1. To ensure compliance with all laws.

2. To gather adequate evidence.

3. To assess financial statement accuracy.

4. To evaluate risks associated with fraud.

The correct answer is: To ensure compliance with all laws.

The assertion that ensuring compliance with all laws is not a goal of audit procedures highlights an important distinction in the focus of auditing. The primary goals of audit procedures are typically centered around the financial statements and the evaluation of their accuracy, reliability, and integrity. Audit procedures are primarily designed to gather adequate evidence to support the conclusions drawn about the financial statements, helping auditors provide a reasonable assurance that the financial statements are free from material misstatement. This includes assessing the accuracy of the financial statements and evaluating risks associated with fraud. While auditors must consider laws and regulations as they relate to the financial statements, ensuring compliance with all laws is generally not an explicit goal of the audit procedures themselves. Instead, it is a broader regulatory concern that might be addressed through compliance audits or other regulatory frameworks. The focus during a financial statement audit remains primarily on verifying financial information rather than exhaustive legal compliance. In summary, the essential goals of audit procedures are focused on financial accuracy and the collection of evidence rather than comprehensive compliance with all applicable laws.