The introductory paragraph of the standard audit report states that the financial statements are:
A) the responsibility of the auditor.
B) the responsibility of management.
C) the joint responsibility of management and the auditor.
D) none of the above.

Question

Quizplus · Accepted Answer

The introductory paragraph of the standard audit report states that the financial statements are the responsibility of management. This means that management is responsible for preparing the financial statements fairly and accurately, and the auditor's responsibility is to express an opinion on whether the financial statements are presented fairly and in accordance with the applicable financial reporting framework. The auditor's role is not to prepare the financial statements but to provide an independent assessment of their fairness and accuracy.

The Introductory Paragraph of the Standard Audit Report States That