Which of the following statements is
incorrect?
a. In an audit, the independent auditor
attempts to corroborate assertions made
by the company’s management in
connection with each account, class of
transactions, and disclosures found in a
set of financial statements.
b. Because of the attest function
financial statements are the
responsibility of the independent
auditor.
c. The term “materiality” refers to any
factor of a size or type that would impact
an outside decision-maker’s decision
about a set of financial statements.
d. The role of the independent auditor is to
gain sufficient appropriate evidence so as
to provide reasonable assurance that
material misstatements do not exist in
any of the assertions made by
management.
incorrect?
a. In an audit, the independent auditor
attempts to corroborate assertions made
by the company’s management in
connection with each account, class of
transactions, and disclosures found in a
set of financial statements.
b. Because of the attest function
financial statements are the
responsibility of the independent
auditor.
c. The term “materiality” refers to any
factor of a size or type that would impact
an outside decision-maker’s decision
about a set of financial statements.
d. The role of the independent auditor is to
gain sufficient appropriate evidence so as
to provide reasonable assurance that
material misstatements do not exist in
any of the assertions made by
management.