The management's responsibility section of the standard unmodified opinion audit report for a nonpublic company states that the financial statements are
A)the responsibility of the auditor.
B)the responsibility of management.
C)the joint responsibility of management and the auditor.
D)none of the above.

Question

Quizplus · Accepted Answer

According to the standard unmodified opinion audit report for a nonpublic company, the responsibility section states that the financial statements are the responsibility of management. The auditor's responsibility is to express an opinion on the fairness and accuracy of the financial statements based on their audit. However, the ultimate responsibility for the preparation and presentation of the financial statements lies with the management of the company.

The Management's Responsibility Section of the Standard Unmodified Opinion Audit