Question: An auditor does not prepare financial statements but instead samples and investigates data to render a professional opinion on whether the statements are fairly presented.

An auditor does not prepare financial statements but instead samples and investigates data to render a professional opinion on whether the statements are “fairly presented.” List the potential implications of the auditor’s responsibility to users that rely on financial statements.

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The auditor maintains that she expresses an opinion on managements statements Auditors are very insistent on this point and attach considerable importance to it It means that normally the auditor did ... View full answer

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