A standard auditors report contains reference to each of the following: A. Responsibility B. Generally accepted auditing

Question:

A standard auditors’ report contains reference to each of the following:
A. Responsibility
B. Generally accepted auditing standards
C. Material misstatement and material respects
D. A test basis
E. Present fairly . . . in conformity with generally accepted accounting principles

Required
Explain why each of these terms is important for understanding the auditors’ report and the audit process.