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 1 year ago

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

Is CPA responsible for preparing financial statements? Discuss the responsibility and functions of CPA with evidence...

Is CPA responsible for preparing financial statements? Discuss the responsibility and functions of CPA with evidence of annual report. Also name the different Financial statements that audited by external auditors at Saudi Aramco.

2- Is CPA responsible for preparing financial statements? Discuss the responsibility and functions of CPA with...

2- Is CPA responsible for preparing financial statements? Discuss the responsibility and functions of CPA with evidence of annual report. Also name the different Financial statements that audited by external auditors at from Al Marai 2019 repot

Are auditors responsible for frauds? Discuss the auditor responsibility for the detection of errors and frauds?...

Are auditors responsible for frauds? Discuss the auditor responsibility for the detection of errors and frauds? Support your answer from the Annual report of Saudi Aramco.

7- Are auditors responsible for frauds? Discuss the auditor responsibility for the detection of errors and...

7- Are auditors responsible for frauds? Discuss the auditor responsibility for the detection of errors and frauds? Support your answer from the Annual report of 2019 of Saudi Aramco

Are auditors responsible for frauds? Discuss the auditor responsibility for the detection of errors and frauds?

he financial statements are the responsibility of _, and the responsibility of the _____ is to...

he financial statements are the responsibility of _________, and the responsibility of the _____________ is to express an opinion on the financial statements based on the audit. A. management, SEC B. management, auditor C. auditor, management D. SEC, auditor

why it is important for readers of financial statements expect auditors to detect fraud in financial...

why it is important for readers of financial statements expect auditors to detect fraud in financial statement of company they audit? I need to talk about pros of the subject 5 mins in front of class. Please help to scope it. Thank you

Auditors generally use a financial statement cycle approach when performing a financial statement audit. Describe the...

Auditors generally use a financial statement cycle approach when performing a financial statement audit. Describe the transactions flow, using specific examples, from journals to financial statements that produce financial statements.

Explain briefly auditors' responsibility for subsequently discovered facts existing at the date of the auditors' reports.

Question