The auditor has considerable responsibility for notifying users whether the financial statements are fairly stated.This imposes upon the auditor a duty to
A)be an insurer of the fairness in the statements.
B)be a guarantor of the fairness in the statements.
C)be equally responsible with management for the preparation of the financial statements.
D)provide reasonable assurance that material misstatements will be detected.

Question

Quizplus · Accepted Answer

The auditor's duty is to provide reasonable assurance that material misstatements will be detected, not to guarantee or insure the fairness of the statements. The responsibility for the preparation of the financial statements lies with management, and the auditor is not equally responsible.

The Auditor Has Considerable Responsibility for Notifying Users Whether the Financial