MANAGEMENT

BUISENESS MANAGEMENT

RISK MANAGEMENT

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

Preparation of Financial Statement is the responsibility of the management. What are the responsibilities of the Independent / Statutory Auditors?

A	To express an opinion on the financial statement
B	Comments on the compliance of the various Acts, Accounting Standards etc.
C	Assurance for True and Fair representation of financial statements
D	All the above

Explanation:

Detailed explanation-1: -The financial statements are management’s responsibility. The auditor’s responsibility is to express an opinion on the financial statements.

Detailed explanation-2: -Management is responsible for the integrity and objectivity of the information in these financial statements. Some of the information in the financial statements is based on management’s best estimates and judgment, and gives due consideration to materiality.

Detailed explanation-3: -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.

There is 1 question to complete.