The accuracy and truthfulness of the financial statements is the responsibility of the
A)external auditors.
B)stockholders.
C)management.
D)staff accountants.
E)external auditors and the staff accountants.

Question

Quizplus · Accepted Answer

Management is responsible for the accuracy and truthfulness of the financial statements. External auditors are responsible for providing an opinion on the fairness of the financial statements but they do not assume responsibility for their accuracy and truthfulness. Stockholders do not produce or have direct responsibility for the preparation of financial statements. Staff accountants are involved in the preparation process but they work under the supervision of management.

The Accuracy and Truthfulness of the Financial Statements Is the Responsibility