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Indicate whether each of the following statements about the auditor's role in financial accounting is true...

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Accounting

Indicate whether each of the following statements about theauditor's role in financial accounting is true or false.

The proper conduct of an audit guarantees the accuracy of allfigures on the financial statements.

The financial statement audit is a detailed review of acompany's financial statements and documents.

The primary responsibility of the independent accounting firm isto the public.

The most favorable type of audit report is called a qualifiedopinion.

The ultimate responsibility for the financial statements lieswith management of the company rather than the independentaccounting firm.

Answer & Explanation Solved by verified expert
4.4 Ratings (586 Votes)
1 False The Auditor are responsible to provide reasonable assurance on the fair view of accounts and affairs of the entity by the proper conduct of audit but they are in no position to provide guarantees with respect    See Answer
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Transcribed Image Text

Indicate whether each of the following statements about theauditor's role in financial accounting is true or false.The proper conduct of an audit guarantees the accuracy of allfigures on the financial statements.The financial statement audit is a detailed review of acompany's financial statements and documents.The primary responsibility of the independent accounting firm isto the public.The most favorable type of audit report is called a qualifiedopinion.The ultimate responsibility for the financial statements lieswith management of the company rather than the independentaccounting firm.

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