Which of the following is true regarding audits?

Conducting an audit involves a rigorous and thorough examination of financial statements and the accompanying records, with the aim of verifying their accuracy and compliance with relevant accounting standards and regulations. This process is designed to provide a high level of assurance regarding the reliability of the financial statements, making it a comprehensive evaluation.

Audits typically include in-depth procedures such as sampling, confirming balances, and testing transactions, which can reveal potential discrepancies or issues that may not be evident through less intensive approaches. By utilizing a systematic methodology, audits help ensure that stakeholders, including investors, creditors, and regulatory bodies, can trust the financial information being presented.

The other options do not accurately describe the nature of audits. Audits are not limited to individuals with high incomes, are more intensive than simple reviews, and are not conducted solely on random cases; they often follow a systematic approach based on various factors, including risk assessments and compliance requirements.