The auditor:
A) prepares the financial statements after the client agrees to all adjustments.
B) writes the footnotes to the financial statements to ensure their accuracy.
C) performs work to reach an opinion on the ICFR and financial statements.
D) None of the above.

Question

Quizplus · Accepted Answer

The auditor performs work to reach an opinion on the ICFR (Internal Control over Financial Reporting) and financial statements. Option A is incorrect because the auditor does not prepare the financial statements, but only ensures that they are presented fairly in accordance with the applicable accounting framework. Option B is incorrect because the footnotes are usually prepared by the client as they have the most direct knowledge of the events and transactions being disclosed.

The Auditor