Final answer:
The purpose of an audit is to provide an opinion on whether financial statements are presented fairly in all material respects. The statement about including immaterial aspects in the auditor's opinion is false, as immaterial items would not influence the decision making of financial report users.
Step-by-step explanation:
The statement that an audit aims to provide financial statement users with an opinion by the auditors on whether the financial statements are presented fairly, in all material and immaterial respects, in accordance with the applicable financial reporting framework is actually false. The purpose of an audit is to provide assurance that the financial statements are presented fairly, but the opinion focuses solely on material aspects, not immaterial ones. Items that are immaterial would not influence the decision-making process of the users of the financial reports and thus are not typically the focus of an auditor's opinion.
When auditors conduct an audit, they execute an objective examination. This involves an objective stance, targeting the purpose of giving users confidence in the financial statements. Auditors utilize statistics and other factual information to support their opinions. The outcome of an audit is a professional opinion that determines whether or not the financial statements are a fair representation of the company's financial position in accordance with the applicable financial reporting framework, typically GAAP (Generally Accepted Accounting Principles) or IFRS (International Financial Reporting Standards).