Which of these statements concerning audit reporting on consolidated accounts is the least accurate?
A) The opinion expressed on the consolidated accounts is the sole responsibility of the principal auditor.
B) It may be necessary for more than one audit firm to participate in the examination.
C) The auditor of the parent entity has very limited rights to access the accounting records and registers of the controlled entity
D) If the auditor concludes that reliance cannot be placed on the work of another auditor, alternative procedures should be attempted before qualifying the opinion.

Question

Quizplus · Accepted Answer

The auditor of the parent entity, especially in the context of consolidated accounts, typically has rights to access the accounting records and registers of the controlled entities to ensure the consolidated financial statements are accurate. This access is crucial for performing the necessary audit procedures on the consolidation process.

Which of These Statements Concerning Audit Reporting on Consolidated Accounts