Footnotes are important in determining whether the financial statements give a true and fair view. Following are two sets of statements concerning footnotes.

1. Auditor A says that the primary responsibility for the adequacy of disclosure in the financial statements and footnotes rests with the auditor staff member in charge of the audit. Auditor B says that the partner in charge of the engagement has the primary responsibility. Auditor C says that the staff person who drafts the statements and footnotes has the primary responsibility. Auditor D contends that it is the client’s responsibility.

Required

Which auditor is correct?

2. It is important to read the footnotes to financial statements, even though they are often presented in technical language and are incomprehensible. The auditors may reduce their exposure to third party liability by stating something in the footnotes that completely contradicts what they have presented in the balance sheet or profit and loss statement.

Required
Evaluate the above statements and indicate:

(a) those you agree with, if any;

(b) those whose reasoning is misconceived, incomplete or misleading, if any.