Which of the following describes the key role of audit services?

The key role of audit services is to provide assurance on the fairness of financial statements. This involves examining the financial statements prepared by an organization to ensure they are free of material misstatements and accurately represent the company's financial position according to the applicable accounting standards. This assurance is crucial for stakeholders such as investors, creditors, and regulators, who rely on the integrity of the financial information to make informed decisions.

Providing assurance enhances the credibility of the financial statements, as independent auditors evaluate the implementation of accounting principles, consistency in their application, and overall transparency in financial reporting. This process ultimately serves to build trust in the financial information presented by organizations and supports the accountability of management in presenting their financial results.

While regulatory compliance reports, evaluating internal financial controls, and tax return preparation are important functions in their own right, they do not encapsulate the primary objective of audit services, which is fundamentally about offering independent assurance related to financial statement accuracy and fairness. Auditors focus on whether the financial information provides a true and fair view of the organization's performance and position, which is central to their role.