ISM Exam CPSM1 Topic 1 Question 103 Discussion

Actual exam question for ISM's CPSM1 exam

Question #: 103
Topic #: 1

The purpose of _______________ is to determine whether or not an organization'sfinancial statements are prepared in accordance with generally accepted accountingprinciples.

AOperational audit

BPrincipal audit

CFinancial audit

DFunctional audit

Show Suggested Answer

Suggested Answer: C

by Steffanie at Nov 14, 2024, 11:26 PM

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Lashawna

7 days ago

Haha, I bet the person who wrote option B 'Principal audit' was just trying to trip us up! Nice try, but C is the clear winner here.

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Elmira

14 days ago

Hmm, I'm torn between B and C, but I think C is the way to go. Financial audits are the bread and butter of accounting, you know?

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Alline

3 days ago

I agree, financial audits are essential for ensuring accuracy in financial reporting.

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Katie

18 days ago

Definitely C. Financial audit is the correct answer here. I can't believe anyone would confuse this with an operational or functional audit!

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Selma

4 days ago

I agree, financial audit is specifically for checking financial statements.

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Elfriede

21 days ago

I believe operational audit focuses more on efficiency and effectiveness, not on financial accuracy.

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Alyce

22 days ago

I agree with Deeann, financial audit is crucial for maintaining transparency and trust in the organization.

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Deeann

24 days ago

I think the purpose of financial audit is to ensure accuracy in financial statements.

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