Which of the following is explicitly included as a part of the description of management's responsibility in a nonpublic company unmodified audit report?
A)Management is responsible for making a judgment on which misstatements are material vs.immaterial.
B)Management is responsible for providing auditors with all relevant evidence.
C)Management is responsible for the maintenance of internal control.
D)Management is responsible for listing all illegal acts with a direct effect on financial statement amounts and disclosures.

Question

Quizplus · Accepted Answer

Management's responsibility for the maintenance of internal control is explicitly included as a part of the description of management's responsibility in a nonpublic company unmodified audit report. Options A, B, and D are not included in the description. Instead, auditors are responsible for evaluating materiality, obtaining relevant evidence, and detecting illegal acts.

Which of the Following Is Explicitly Included as a Part