Describe Management's Responsibility Regarding Audited Financial Statements
Thus the fair presentation of financial statements in conformity with generally accepted accounting principles is an implicit and integral part of managements responsibility. Principles Governing an Audit of Financial Statements because of the inherent limitations of an audit there is a risk that can not be avoided by not detecting significant misstatements in the financial statements If the audit is properly planned and conducted in accordance with international auditing standards. Board Report Template Board Report Report Template Memo Template Provides a measure of managements stewardship function. . Given the fact that the financial statements are primarily prepared by the organization yet management should ensure that they are able to account for a couple of important aspects. Audit financial statements STAKEHOLDERS Make decisions based on financial statements MANAGEMENT Prepare financial statements Figure 1. Evaluate the following st...