Final answer:
The primary purpose of a financial statement audit is to provide assurance that the financial statements are fairly stated, reflecting the true financial status of a company.
Step-by-step explanation:
The basic purpose of a financial statement audit is to provide assurance regarding whether the auditee's financial statements are fairly stated. An audit aims to give a reasonable level of confidence to stakeholders that the financial information presented by a company reflects the true financial position of the company.
The auditor's role is not explicitly to detect fraud or to assure consistent application of accounting procedures, although these can be secondary outcomes. Rather, the main goal is to ensure that the financial statements, taken as a whole, are not materially misstated, whether due to error or fraud. The examination of individual transactions is a means to this end, as it helps auditors form an opinion on the overall fairness of the financial statements.