According to Philippine Standards on
Auditing, because there are inherent
limitations in an audit that affect the
auditor's ability to detect material
misstatements, the auditor is:
a. Neither a guarantor nor an insurer
of financial statements.
b. A guarantor but not an insurer of the
statements.
c. An insurer but not a guarantor of the
statements.
d. Both a guarantor and an insurer of the
financial statements.
Auditing, because there are inherent
limitations in an audit that affect the
auditor's ability to detect material
misstatements, the auditor is:
a. Neither a guarantor nor an insurer
of financial statements.
b. A guarantor but not an insurer of the
statements.
c. An insurer but not a guarantor of the
statements.
d. Both a guarantor and an insurer of the
financial statements.