One of the paragraphs of the auditor's report includes a paragraph addressing the auditor's responsibility for not detecting material misstatements in the financial statements, as this is management's responsibility, not the auditors.

Question

Quizplus · Accepted Answer

The auditor's responsibility is to express an opinion on the financial statements based on their audit. They are responsible for planning and performing the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement, whether due to fraud or error. This includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

One of the Paragraphs of the Auditor's Report Includes a Paragraph