Question: 1a. Why does the standard unmodified report on the financial statements of a private company contain paragraphs outlining (1) management's responsibility for the financial statements

1a. Why does the standard unmodified report on the financial statements of a private company contain paragraphs outlining (1) management's responsibility for the financial statements and (2) the auditor's responsibility for the financial statements?

1b. What is contained in these paragraphs?

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