Final answer:
It is true that CPAs must assess the operating effectiveness of significant accounting-oriented controls during a financial statement audit. This ensures the reliability of the financial statements and compliance with GAAP or another financial reporting framework.
Step-by-step explanation:
The statement, "In a financial statement audit, CPAs are required to assess the operating effectiveness of most significant accounting oriented controls," is True. During a financial statement audit, Certified Public Accountants (CPAs) must evaluate whether the company's internal controls over financial reporting are designed appropriately and operating effectively. This assessment is crucial as it helps to ensure the reliability of financial statements.
CPAs accomplish this by testing the design and implementation of these controls throughout their audit process. They do so to gain assurance that the controls are safeguarding assets, preventing material misstatements, and that transactions are recorded as necessary to permit the preparation of financial statements in conformity with Generally Accepted Accounting Principles (GAAP) or another applicable financial reporting framework.