Decision case 1-7 Responsibility for financial
statements and the role of the auditor.
Financial
statements are the means by which accountants communicate to external users.
Recent financial reporting scandals have focused attention on the accounting
profession and its role in the preparation of these statements and the audits
performed on the statements.
1. Who is
responsible for the preparation of the financial statements that are included
in a company's annual report?
2. Who
performs an audit of the financial statements referred to in part (1)?
3. Why is it
important for those who are responsible for an audit of the financial
statements to be independent of those who prepare the statements? Explain your
answer.
TUTORIAL PREVIEW
DECISION CASE 1-7
RESPONSIBILITY FOR FINANCIAL STATEMENTS AND THE ROLE OF THE AUDITOR
1. Preparation of the
financial statements in a company’s annual report is the responsibility of that
company.
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