Accordingly, although ISAs do not impose responsibilities on management and those charged with governance and do not
Question:
Accordingly, although ISAs do not impose responsibilities on management and those charged with governance and do not override laws and regulations that govern their responsibilities, ISAs are written, and audits are conducted, on the premises that management and, where appropriate, those charged with governance:
(a) Acknowledge and understand their responsibility for preparing and presenting the financial statements in accordance with the applicable financial reporting framework (Ref: Para. A2-A8);
(b) Acknowledge and understand their responsibility for designing, implementing and maintaining internal control relevant to the preparation and presentation of financial statements that are free from material misstatement, whether due to fraud or error; and
(c) Will provide complete information to the auditor.
Required:
Please attach a summary of the paragraph above.
Auditing And Assurance Services An Integrated Approach
ISBN: 9780135176146
17th Edition
Authors: Alvin A. Arens, Randal J. Elder, Mark S. Beasley