Which of the following statements pertaining to the audit function is incorrect?
Posted: Sat Aug 07, 2021 7:01 am
A) The primary responsibility for the information in the financial statements lies with the
auditors.
B) The audit report describes the auditor's opinion of the fairness of the financial statements.
C) An audit ensures that the financial statements conform to generally accepted accounting
principles.
D) The auditor is a person who is independent of the reporting company.
Answer: A
Explanation: The primary responsibility for the information in the financial statements lies with
management.
auditors.
B) The audit report describes the auditor's opinion of the fairness of the financial statements.
C) An audit ensures that the financial statements conform to generally accepted accounting
principles.
D) The auditor is a person who is independent of the reporting company.
Answer: A
Explanation: The primary responsibility for the information in the financial statements lies with
management.