Question: Why do you think auditors write the following statement in a companys annual report? These consolidated financial statements are the responsibility of the companys management.

Why do you think auditors write the following statement in a company’s annual report? “These consolidated financial statements are the responsibility of the company’s management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits.”

Step by Step Solution

★★★★★

3.35 Rating (173 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock

They should reflect the point that an auditors statement assigns ultim... View full answer

blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Document Format (1 attachment)

Word file Icon

357-B-F-F-M (5162).docx

120 KBs Word File

Students Have Also Explored These Related Finance Questions!

Q:

The auditor is required to express an opinion on a set of financial statements. Audit risk is the probability that the auditor will express an incorrect opinion resulting in financial loss to persons...

Q:

Why do you think management should specifically approve all employees hired?

Q:

Why do you think that some human resource managers might be reluctant to use information technology such as an HRIS? Do you think that the trend toward the use of Web 2.0 technologies and SaaS can...

Q:

Instructions What are financial statements and what do they include? Why do you think auditors write the following statement in a company's annual report? "These consolidated financial statements are...

Q:

I need help developing the following from the 2015 Starbucks Annual Report: Pro Forma financial statements (Balance Sheet and Income Statement) for the next two fiscal years, assuming a 10% growth...

Q:

***READ THIS FIRST*** I need the questions for Part 1 AND Part 2 answered for this case study. The answers must be well-written, detailed, and must answer each question fully with examples from the...

Q:

***READ THIS FIRST*** I need the questions for Part 1 AND Part 2 answered for this case study. The answers must be well-written, detailed, and must answer each question fully with examples from the...

Q:

***READ THIS FIRST*** I need the questions for Part 1 AND Part 2 answered for this case study. The answers must be well-written, detailed, and must answer each question fully with examples from the...

Q:

***READ THIS FIRST*** I need the questions for Part 1 AND Part 2 answered for this case study. The answers must be well-written, detailed, and must answer each question fully with examples from the...

Q:

***PLEASE READ THIS FIRST*** I just need the following 3 questions answered. The answers for Questions 1 and 2 must be well-written, detailed, and must answer each question fully with examples from...

Q:

Tuff Wheels was getting ready to start its development project for a new product to be added to its small motorized vehicle line for children. The new product is called the Kiddy Dozer. It will look...

Q:

A circular hollow steel (HSS) rod has a cross-sectional area of 723 mm and a wall thickness of 11 mm. Engineers fill the void of the steel rod with concrete and remove a sector from the rod. The...

Q:

What types of brands are commonly available to consumers?

Q:

How does an investor receive a retum from a zero or very low coupon bond?

Q:

The Wendt Corporation had $10.5 million of taxable income. a. What is the companys federal income tax bill for the year? b. Assume the firm receives an additional $1 million of interest income from...

Q:

The Shrives Corporation has $10,000 that it plans to invest in marketable securities. It is choosing among AT&T bonds, which yield 7.5 percent, state of Florida mu ni bonds, which yield 5 percent,...

Q:

The Shrives Corporation has $10,000 that it plans to invest in marketable securities. It is choosing among AT&T bonds, which yield 7.5 percent, state of Florida mu ni bonds, which yield 5 percent,...

Q:

Question 10 5 pts Assume that you are given the following dividends for your company's common stock for Years 1-5. Also assume that after Year 5, dividends will then grow at a constant growth rate of...

Q:

Rf = 0.5% and market premium = 8%, long term historical Mkt return = 12% Apple and high-tech stock valuation ( 40 points) : Current price around $160 (Nov); the 52-week price range from 112 (March...

Q:

Jiminy's Cricket Farm issued a bond with 25 years to maturity and a semiannual coupon rate of 6 percent 2 years ago. The bond currently sells for 107 percent of its face value. addition, the company...