Information from third parties can never be used during an auditor's duty.

Question

Quizplus · Accepted Answer

This statement is false. Auditors often rely on information from third parties such as banks, lawyers, and other professionals during their audit work. This information is used to support or corroborate the financial information provided by the audited entity. However, the auditor has a duty to evaluate the reliability of such information and to assess the risk of material misstatement in the financial statements.

Information from Third Parties Can Never Be Used During an Auditor's