There is agreement within the auditing profession and the courts that the auditor is
A)not a guarantor or insurer of financial statements.
B)a guarantor but not an insurer of financial statements.
C)an insurer but not a guarantor of financial statements.
D)both a guarantor and an insurer of financial statements.

Question

Quizplus · Accepted Answer

The auditor is not a guarantor or insurer of financial statements, but rather is responsible for providing reasonable assurance that the financial statements are free of material misstatements. This means that while the auditor is responsible for obtaining reasonable assurance and conducting an audit in accordance with auditing standards, they cannot guarantee or insure the accuracy of the financial statements.

There Is Agreement Within the Auditing Profession and the Courts