The auditor's report on the published financial statements of a large corporation should be viewed as:
A)The opinion of independent experts as to the overall fairness of the statements.
B)The opinion of the corporation's chief accountant as to the overall fairness of the statements.
C)A guarantee by a firm of certified public accountants that the statements are accurate.
D)A guarantee by the Financial Statements Insurance Board that the statements do not overstate assets or net income.

Question

Quizplus · Accepted Answer

The auditor's report is the opinion of independent experts, the certified public accountants, after they have conducted their audit of the financial statements. It is not a guarantee of accuracy or fairness, but rather an opinion on the overall fairness of the statements based on the auditor's examination of the evidence. The auditor's report provides a level of assurance for stakeholders that the financial statements are free from material misstatements or errors.

The Auditor's Report on the Published Financial Statements of a Large