Which party involved in the financial reporting process provides assurance that financial statements prepared by management fairly present the financial position and performance of the company?
A)standard setters
B)regulators
C)accounting preparers
D)auditors

Question

Quizplus · Accepted Answer

Auditors provide assurance that financial statements prepared by management fairly present the financial position and performance of the company. They do this by conducting an independent examination of the financial statements and the underlying accounting records, and issuing an audit report expressing their opinion on the fairness of the presentation. Standard setters, regulators, and accounting preparers do not provide this type of assurance.

Which Party Involved in the Financial Reporting Process Provides Assurance