Question

As stated in the audit report, or Report of Independent Accountants, the primary responsibility for a company's financial statements lies with a. The owners of the company. b. Independent financial analysts. c. The auditors. d. The company's management.

Answer 1

As stated in the audit report, or Report of Independent Accountants, the primary responsibility for a company's financial statements lies with the company's management.

Auditing refers to the official inspection and evaluation of a firm’s account, including its balance sheets and financial statements, usually by an independent body.

During an auditing process, various information regarding the company’s accounts, including revenues, expenditures, balance sheets, credit information, etc. has to be provided to the auditor. Provision of the financial statement of the firm is the special responsibility of the company’s management.

The management of a company includes those responsible for running the company and taking important decisions, including CEOs, CFOs, Human resource manager, etc.

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