When an auditor expresses an opinion on the financial report, the auditor's responsibilities extend to:
A)an ongoing responsibility for the entity's solvency in accordance with the requirements of the Corporations Act 2001.
B)the underlying wisdom of the management's decisions.
C)active participation in the implementation of advice given.
D)whether the entity's results are fairly presented in the financial report in accordance with approved accounting standards.

Question

Quizplus · Accepted Answer

When an auditor expresses an opinion on the financial report, their responsibility is to evaluate whether the financial report accurately represents the entity's financial position and performance in accordance with the approved accounting standards. The auditor is not responsible for the entity's solvency or management decisions, nor are they responsible for implementing advice given.

When an Auditor Expresses an Opinion on the Financial Report