Lehmans net leverage ratio was not reported within the companys audited financial statements but rather in the

Question:

Lehman’s net leverage ratio was not reported within the company’s audited but rather in the company’s financial highlights table and MD&A section of its annual report. What responsibility, if any, do auditors have to assess the material accuracy of financial data included in those two sections of a client’s annual report?

Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...