Users rely on the auditors' independent assessment of financial statement presentation because few users have direct knowledge of the company's operations.

Question

Quizplus · Accepted Answer

Auditors provide an objective and unbiased opinion on the financial statements, which helps users make informed decisions based on the accuracy and completeness of the information presented. Most users do not have access to internal accounting records or the expertise to analyze them. Therefore, auditors play a crucial role in ensuring the reliability of financial data, which informs users' decisions about investing, lending, or other financial transactions.

Users Rely on the Auditors' Independent Assessment of Financial Statement