BACHELOR OF BUSINESS ADMINISTRATION

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BUSINESS ADMINISTRATION

FINANCIAL ACCOUNTING

Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
As stated in the audit report, of Report of Independent Accountants, the primary responsibility for a company’s financial statements lies with
A
the owners of the company
B
independent financial analysts
C
the auditors
D
the company’s management
Explanation: 

Detailed explanation-1: -The auditor’s objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes the auditor’s opinion.

Detailed explanation-2: -. 03 The financial statements are management’s responsibility. The auditor’s responsibility is to express an opinion on the financial statements.

Detailed explanation-3: -Answer and Explanation: The ultimate responsibility for the financial statements lies with the auditors. The preparation of financial statements is the responsibility of the management. Management is required to prepare the financial statements according to the applicable financial reporting framework.

Detailed explanation-4: -The independent auditor is responsible for performing independent audits of the Company’s consolidated financial statements in accordance with generally accepted auditing standards and for issuing reports thereon.

There is 1 question to complete.
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