Which of the following statements best describes whether a CPA has met the required standard of care in conducting an audit of a client’s financial statements?
- The client’s expectations with regard to the accuracy of audited financial statements.
- The accuracy of the financial statements and whether the statements conform to generally accepted accounting principles.
- Whether the CPA conducted the audit with the same skill and care expected of an ordinarily prudent CPA under the circumstances.
- Whether the audit was conducted to investigate and discover all acts of fraud.