The correct answer is indeed (d) “Depends on the type of audit.” Audits are comprehensive examinations of financial records, processes, and controls carried out by independent professionals to ensure accuracy, compliance, and accountability.

However, the specific objective of an audit can vary depending on the type of audit being conducted. Let’s delve into the details:

Explanation of the Correct Answer (Option d) Depends on the type of audit.

The main object of an audit depends on the type of audit being performed. There are various types of audits, and each serves a different purpose. The two most common types of audits are financial audits and operational audits.

i. Financial Audits :

These audits primarily aim to express an opinion on the fairness and accuracy of financial statements. The primary objective of a financial audit is to provide stakeholders with an assurance that the financial statements present a true and fair view of the organization’s financial position. In a financial audit, the main object is indeed the expression of an opinion.

ii. Operational Audits :

Operational audits, on the other hand, are focused on assessing an organization’s operations, processes, and internal controls. They aim to detect and prevent fraud, errors, inefficiencies, and areas for improvement in operations. So, in the case of operational audits, the main object is the detection and prevention of fraud and error.

iii. Other Types of Audits:

There are several other types of audits, such as compliance audits (ensuring adherence to regulations and laws), information systems audits (evaluating IT controls and data integrity), and performance audits (evaluating the effectiveness and efficiency of programs or projects). Each of these types of audits has its specific objectives.

In summary, the main object of an audit varies based on the type of audit. Therefore, option (d) is the correct answer because it recognizes that the purpose and objectives of an audit can differ widely, and it’s not limited to just expressing an opinion or detecting and preventing fraud and error.

Explanation of Why the Other Options Are Not Correct:

a) Expression of opinion:

While expressing an opinion is a significant objective of financial audits, it does not apply to all types of audits. For example, operational audits focus on process improvement and fraud prevention, not just the expression of an opinion on financial statements.

b) Detection and Prevention of fraud and error:

This objective is more closely associated with operational audits or forensic audits. Not all audits are primarily concerned with detecting and preventing fraud and error. Financial audits, for instance, are mainly about expressing an opinion on financial statements.

c) Both (a) and (b):

This option is not entirely accurate because it suggests that all audits aim to achieve both objectives simultaneously, which is not the case. The objectives of an audit depend on the type of audit being conducted. Some audits may indeed have multiple objectives, but this isn’t a universal rule.

In conclusion, the main object of an audit can vary significantly depending on the type of audit and its specific purpose, which is why option (d) is the most accurate choice.

It’s essential for auditors and stakeholders to clearly define the objectives of an audit before conducting it to ensure that the right areas are addressed and the correct standards and methodologies are applied to achieve those objectives effectively.