A firm\'s independent auditors have the responsibility to: assess the firm\'s ac

Question

A firm's independent auditors have the responsibility to:

assess the firm's accounting policies.

ascertain the firm's profit potential.

uncover all fraudulent activities.

assess management's discussion and analysis.


Management's statement of responsibility:

explains that the entity's financial statements are the responsibility of the entity's auditors.

states that the financial statements are free of significant error.

affirms that management is responsible for assuring adherence to internal control policies and procedures.

guarantees that the firm has operated in a highly ethical manner.


The independent auditor's report usually:

presents a "clean bill of health" for the company.

refers to the quality of the company's products or services.

includes an opinion that the financial statements are correct.

includes an opinion that the financial statements present fairly, in all material respects, financial information about the company.

Explanation / Answer

1 uncover all fraudulent activities. 2. affirms that management is responsible for assuring adherence to internal control policies and procedures 3. includes an opinion that the financial statements are correct

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