The 'Purpose of an Audit and Premise upon which an Audit is Conducted' section of Principles Underlying an Audit Conducted in Accordance with GAAS states that management is responsible for all the following except for:
A)the preparation and fair presentation of the financial statement in accordance with the applicable financial reporting framework.
B)the design, implementation, and maintenance of internal control.
C)providing financial statement users with an opinion on whether the financial statements present fairly.
D)ensuring that the financial statements are free from material misstatement, whether due to error or fraud.

Question

Quizplus · Accepted Answer

The management's responsibility is not to provide financial statement users with an opinion on whether the financial statements present fairly. It is the responsibility of the auditor to provide an opinion on the fairness of the financial statements. Management is responsible for the preparation and fair presentation of the financial statement in accordance with the applicable financial reporting framework, as well as the design, implementation, and maintenance of internal control, and ensuring that the financial statements are free from material misstatement, whether due to error or fraud.

The 'Purpose of an Audit and Premise Upon Which an Audit