The responsibility for the preparation of the financial statements and the accompanying footnotes belongs to
A) the auditor.
B) management.
C) both management and the auditor equally.
D) management for the statements and the auditor for the notes.

Question

Quizplus · Accepted Answer

The responsibility for the preparation of the financial statements and the accompanying footnotes belongs to management. The auditor's responsibility is to express an opinion on the fairness and reliability of the statements and footnotes, based on their examination of the company's financial records and internal controls. However, the ultimate responsibility for the accuracy and completeness of the financial statements lies with management.

The Responsibility for the Preparation of the Financial Statements and the Accompanying