your neighbor , loot stakin , invited you to lunch  yesterday. sure enough, it was no free lunch  because loot wanted to discuss the annual report of Doge corporation . He owns Doge stock and just received the annual report says, our auditors prepared the audited financial statements and gave an unqualified opinion, so my investment must be safe. Required:  what misconceptions does Loot starkin seem to have about the auditor's role with respect to Doge corporation?

Contemporary Auditing
11th Edition
ISBN:9781337650380
Author:KNAPP
Publisher:KNAPP
Chapter4: Ethical Responsibilities Of Accountants
Section4.2: F&c International, Inc.
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your neighbor , loot stakin , invited you to lunch  yesterday. sure enough, it was no free lunch  because loot wanted to discuss the annual report of Doge corporation . He owns Doge stock and just received the annual report says, our auditors prepared the audited financial statements and gave an unqualified opinion, so my investment must be safe.

Required: 

what misconceptions does Loot starkin seem to have about the auditor's role with respect to Doge corporation?

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