Final answer:
The auditor's professional judgment is essential in concluding whether financial statements are fairly presented after all audit procedures. While GAAS, GAAP, and the AICPA's guidelines provide necessary frameworks, the auditor's expertise and understanding are indispensable in interpreting the evidence and finalizing the audit opinion. Therefore, the correct option is D.
Step-by-step explanation:
The conclusion of an audit after all procedures have been completed involves synthesizing all of the information obtained to determine whether the financial statements are fairly presented. This synthesis is not just a mechanical process but involves a significant degree of interpretation and judgement. The key component at this stage is the auditor's professional judgment.
Although generally accepted auditing standards (GAAS) and the AICPA's Code of Professional Conduct provide the framework and ethical guidelines within which auditors operate, and generally accepted accounting principles (GAAP) inform the proper presentation of financial statements, the auditor must ultimately rely on their own professional judgement to evaluate the entirety of the evidence and to form an overall conclusion.
The ability to exercise this judgment is built upon the auditor's experience, knowledge of the industry and the client, understanding of the accounting principles, as well as the quality of the evidence collected during the audit. It is through this lens that the auditor decides if the financial statements provide a true and fair view of the company's financial condition and operations.