Many People Confuse the Responsibilities of the Independent Auditors and the Client's

question 18

Essay

Many people confuse the responsibilities of the independent auditors and the client's management with respect to audited financial statements.
a.Describe management's responsibility regarding audited financial statements.
b.Describe the independent auditors' responsibility regarding audited financial statements.
c.Evaluate the following statement: "If the auditors disagree with management regarding an accounting principle used in the financial statements,the auditors should express their views in the notes to the financial statements."

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Definitions:

Large

Of considerable or significant size, extent, or capacity.

Dissenting Views

Opinions that differ or disagree with the majority or official stance.

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A local food market where farmers sell their produce directly to consumers.

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An academic course focused on studying human society, its structures, functions, and complex relationships, often encompassing theories and methodologies for understanding social phenomena.