The responsibility for the financial statements rests_______.
A)jointly with the auditor and management
B)solely with management
C)with the internal audit function
D)solely with the external auditor

Question

Quizplus · Accepted Answer

The responsibility for the financial statements rests solely with management, as they are responsible for ensuring the accuracy and completeness of the financial information presented in the statements. While auditors play a role in providing assurance on the reliability of the financial statements, the ultimate responsibility remains with management. The internal audit function may assist in ensuring the effectiveness of internal controls and identifying potential areas of risk, but they do not have final responsibility for the financial statements.

The Responsibility for the Financial Statements Rests_______