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Learning Objective $01-05$ Explain factors that encourage high$-$quality financial reporting.

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Factors encouraging high$-$quality financial reporting include conceptually based financial accounting standards, external auditors, financial reporting reforms $($such as the Sarbanes$-$Oxley Act$),$ ethical management, and professional accounting organizations that prescribe ethical conduct and license practitioners.

The Role of the Auditor

Knowledge Check $01$

Which of the following describe the role of the auditor with regards to the audit of any company$$s financial statements?

Note: Select all that apply.

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Express a professional, independent opinion

Express a professional, independent opinion

Express an opinion about whether the statements fairly present the company$$s financial position, its results of operations, and its cash flows in compliance with GAAP

Express an opinion about whether the statements fairly present the company$$s financial position, its results of operations, and its cash flows in compliance with GAAP

Issue an unmodified $($clean$)$ audit report on the company$$s financial statements

Issue an unmodified $($clean$)$ audit report on the company$$s financial statements