The accuracy of information included in footnotes that accompany the audited financial statements of a company whose shares are traded on a stock exchange is the primary responsibility of:
A) the Australian Securities and Investment Commission.
B) the independent auditor.
C) the stock exchange officials.
D) the company's management.

Question

Quizplus · Accepted Answer

The company's management is primarily responsible for the accuracy of the information included in the footnotes of the audited financial statements. The independent auditor's role is to provide an opinion on the financial statements as a whole, including the footnotes, but the preparation and accuracy of the information are the responsibility of management.

The Accuracy of Information Included in Footnotes That Accompany the Audited