Which of the following statements about auditing is NOT true?
A) Auditing arose because users demanded some assurance that managers' reports on their performance were reliable.
B) Auditors verify that the accounts have been prepared accurately.
C) The auditing function is usually restricted to members of recognised professional accounting bodies.
D) When professional accountants prepare financial statements,they are acting as auditors.

Question

Quizplus · Accepted Answer

When professional accountants prepare financial statements, they are acting as accountants and not auditors. The auditing function is a separate and distinct process from the preparation of financial statements. Auditors perform an independent review of the financial statements prepared by the company's management to provide assurance on their accuracy and reliability.

Which of the Following Statements About Auditing Is NOT True