When preparing the financial statements, management makes their best judgment on the account balances contained therein management relies on the auditor to determine the account balances management makes assertions about each account and related disclosures in the notes management shops around auditors to ensure they will receive the opinion they want

Auditing: A Risk Based-Approach (MindTap Course List)
11th Edition
ISBN:9781337619455
Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Chapter5: Professional Auditing Standards And The Audit Opinion Formulation Process
Section: Chapter Questions
Problem 15CYBK
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When preparing the financial statements,
management makes their best judgment on the account balances contained therein
management relies on the auditor to determine the account balances
management makes assertions about each account and related disclosures in the notes
management shops around auditors to ensure they will receive the opinion they want
Transcribed Image Text:When preparing the financial statements, management makes their best judgment on the account balances contained therein management relies on the auditor to determine the account balances management makes assertions about each account and related disclosures in the notes management shops around auditors to ensure they will receive the opinion they want
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