The management's responsibility section of the standard audit report for a non-public 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

The management's responsibility section of the standard audit report for a non-public company states that the financial statements are the responsibility of management. The auditor's responsibility is to express an opinion on the financial statements based on their audit. Therefore, choice B is the correct answer.

The Management's Responsibility Section of the Standard Audit Report for a Non-Public