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An auditor is required to establish an understanding with a client regarding the responsibilities for each engagement. This understanding generally includes :

A. Management's responsibility to guarantee that there are no material misstatements due to fraud.

B. The auditor's responsibility to plan and perform the audit to provide reasonable, but not absolute, assurance of detecting material errors or fraud.

C. Management's responsibility for providing the auditor with an assessment of the risk of material misstatement due to fraud.

D. The auditor's responsibility for the fairness of the financial statements.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M942535

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