Which of the following is most closely associated with the responsibilities principle?
A)Due care.
B)Planning.
C)Qualified audit opinion.
D)Risk of material misstatement.

Question

Quizplus · Accepted Answer

The responsibilities principle relates to the responsibility of management to prepare accurate financial statements and the responsibility of auditors to ensure that the statements are free from material misstatement. Due care is a key element of this principle and requires auditors to exercise professional skepticism and judgment in fulfilling their responsibilities. Planning, qualified audit opinion, and risk of material misstatement are also important concepts in auditing but are not the primary focus of the responsibilities principle.

Which of the Following Is Most Closely Associated with the Responsibilities