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:

Training Program

A structured and systematic sequence of educational or learning activities designed to achieve specific learning outcomes or improve performance.

Needs Analysis

A process used to identify gaps between current and desired performance or outcomes, often used in organizational and training contexts.

Training And Development

The process of enhancing the skill set and knowledge of employees through various educational methods.

Performance Problems

Issues or deficiencies in the execution of tasks in the workplace that can affect overall productivity and efficiency.