Which of the following statements best describe the auditors' responsibilities concerning illegal acts?
A)Auditors must detect and report illegal acts to the appropriate level of authority.
B)Auditors must consider suspicions of illegal acts that may directly or indirectly affect the financial statements or their assessment of management integrity.
C)Auditors must ensure all illegal acts are detected and reported to those charged with governance.
D)Auditors have no responsibility regarding illegal acts,as management is ultimately responsible for them.

Question

Quizplus · Accepted Answer

Auditors have a responsibility to consider and report any suspicions of illegal acts that may have an impact on the financial statements or their assessment of management integrity. However, they are not responsible for detecting or reporting all illegal acts, and management remains ultimately responsible for preventing and detecting illegal acts.

Which of the Following Statements Best Describe the Auditors' Responsibilities