Final answer:
The audit report concludes if the financial statements comply with GAAP, using evidence obtained during the audit while maintaining clarity and trustworthiness.
Step-by-step explanation:
The conclusion of an audit report typically states whether the financial statements are in conformity with generally accepted accounting principles (GAAP), rather than generally accepted auditing standards (GAAS). GAAS are the standards auditors follow during the audit process, but GAAP refers to the accounting standards that the financial statements are expected to adhere to. So the correct statement would be that the report concludes whether the financial statements are in accordance with GAAP. The objective of an audit is to give an opinion on the financial statements, which is based on an evaluation of the evidence obtained. Auditors must ensure that their opinions are factually accurate and distinguishable from personal opinion to maintain clarity, coherence, and trustworthiness.