What is the auditors' responsibility for reporting on other information accompanying financial statements?
A)Because this information is not a fundamental part of the financial statements, the auditors have no reporting responsibility with respect to this information.
B)Auditors are only required to report on other information if it is inconsistent with information in the audited financial statements.
C)Auditors are required to provide reasonable assurance with respect to whether the other information is presented in accordance with generally accepted accounting principles.
D)Auditors are required to express an opinion on whether the other information is presented in accordance with generally accepted accounting principles.

Question

Quizplus · Accepted Answer

The auditors' responsibility for reporting on other information accompanying financial statements is limited to identifying if such information is inconsistent with the audited financial statements. The auditors are not responsible for expressing an opinion on the other information or ensuring that it complies with generally accepted accounting principles. However, if the auditors become aware of material inconsistency between the other information and the audited financial statements, they must report this to the entity's management and those charged with governance.

What Is the Auditors' Responsibility for Reporting on Other Information