A statement of responsibility declares that: the auditors are responsible for the financial statements, and the...

A statement of responsibility declares that:

the auditors are responsible for the financial statements, and the statements are free from material misstatement.

management is responsible for the financial statements, and the statements are free from material misstatement.

management is responsible for the financial statements, and the statements are prepared in accordance with GAAP.

the auditors are responsible for the financial statements, and the statements are prepared in accordance with GAAP.

Expert Solution

3rd statement is true: A statement of responsibility declares that management is responsible for the financial statements, and the statements are prepared in accordance with GAAP (Management is responsible fair presentation of financial statement in accordance with applicable GAAP, this includes design , implementation & maintenance of controls )

Auditor is responsible for express opinion on financial statement whether financial statement represent true and fair view

ekkarill92 answered 2 years ago

If management is responsible for its own financial statements, why are auditors important?

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