Final answer:
The elements pervasive to the application of generally accepted auditing standards are materiality and audit risk, internal control, corroborating evidence, and reasonable assurance.
The correct answer is all of the options mentioned.
Step-by-step explanation:
The element(s) pervasive to the application of generally accepted auditing standards, particularly the standards of fieldwork and reporting, include:
The elements of materiality and audit risk. Materiality refers to the significance of an item, while audit risk is the probability that the auditor fails to detect material misstatements in the financial statements. These elements guide auditors in determining the nature and extent of audit procedures.
The element of internal control. Internal control refers to the policies and procedures implemented by an entity to provide reasonable assurance regarding the reliability of financial reporting. Auditors evaluate the effectiveness of internal control to identify control weaknesses or deficiencies that may impact the audit.
The element of corroborating evidence. Auditors obtain and evaluate corroborating evidence to support the assertions made in the financial statements. This evidence helps auditors form an opinion on the fairness of the financial statements.
The element of reasonable assurance. The ultimate objective of an audit is to provide reasonable assurance that the financial statements are free from material misstatement. Auditors gather sufficient appropriate audit evidence to form their opinion.