Primary responsibility for the financial statements lies with: $$\begin{array} { l c c }
& \text { Auditors } & \text { Management } \
\text { A) } & \text { Yes } & \text { Yes } \
\text { B) } & \text { Yes } & \text { No } \
\text { C) } & \text { No } & \text { Yes } \
\text { D) } & \text { No } & \text { No }
\end{array}$$
A)Option A.
B)Option B.
C)Option C.
D)Option D.

Question

Primary responsibility for the financial statements lies with: $$\begin{array} { l c c } 
& \text { Auditors } & \text { Management } \
\text { A) } & \text { Yes } & \text { Yes } \
\text { B) } & \text { Yes } & \text { No } \
\text { C) } & \text { No } & \text { Yes } \
\text { D) } & \text { No } & \text { No }
\end{array}$$ 
A)Option A.
B)Option B.
C)Option C.
D)Option D.

Quizplus · Accepted Answer

Primary responsibility for the financial statements lies with management, which is responsible for preparing the financial statements in accordance with the applicable accounting standards. While auditors are responsible for expressing an opinion on the financial statements, they do not have primary responsibility for their preparation. Therefore, option C is the best choice.

Primary Responsibility for the Financial Statements Lies With A)Option A