Auditing standards provide a measure of audit quality and the objectives to be achieved in an audit.Select one:TrueFalse

The statement "Auditing standards provide a measure of audit quality and the objectives to be achieved in an audit" is True.

Explanation:

Auditing standards are established guidelines that govern the audit process. These standards are crucial as they provide a framework within which auditors operate, ensuring consistency and reliability in the audit practice. They set the quality benchmarks that auditors must meet, which helps in assessing the effectiveness of an audit.

These standards, often laid out by authoritative bodies such as the International Auditing and Assurance Standards Board (IAASB) or the American Institute of Certified Public Accountants (AICPA), outline the objectives of an audit, including obtaining sufficient appropriate audit evidence and ensuring that the financial statements are free from material misstatement.

By adhering to these standards, auditors can achieve a high level of assurance regarding the accuracy and fairness of financial statements, thereby enhancing trust in the financial reporting process. This ultimately contributes to the overall quality of audits and the integrity of the financial system.