State the general responsibilities that auditors owe to clients and third parties.

Question

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Answer 1

Question

Chapter C, Problem 1RC

To determine

State the general responsibilities that auditors owe to clients and third parties.

Expert Solution & Answer

Explanation of Solution

Auditor:

The person who is considered responsible for assessing the credibility of the financial statement of the client’s firm is known as an auditor. An auditor obtains sufficient audit evidence to express a view on the financial statements of a company.

The general responsibilities which auditor owes to clients and third parties are as follows:

It is the duty of the auditor to perform services according to the GAAP (Generally Accepted Accounting Principles) and the letter of engagement.
On the basis of GAAS (Generally Accepted Auditing Standards) audit, reports are issued to the third party by the auditor. This provides assurance to the financial statement for the clients and third parties.
Auditors are liable in that case if clients or third parties suffer from any economic loss due to failure in presenting and auditing financial accounts.

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Answer 2

Question

Chapter C, Problem 1RC

To determine

State the general responsibilities that auditors owe to clients and third parties.

Expert Solution & Answer

Explanation of Solution

Auditor:

The person who is considered responsible for assessing the credibility of the financial statement of the client’s firm is known as an auditor. An auditor obtains sufficient audit evidence to express a view on the financial statements of a company.

The general responsibilities which auditor owes to clients and third parties are as follows:

It is the duty of the auditor to perform services according to the GAAP (Generally Accepted Accounting Principles) and the letter of engagement.
On the basis of GAAS (Generally Accepted Auditing Standards) audit, reports are issued to the third party by the auditor. This provides assurance to the financial statement for the clients and third parties.
Auditors are liable in that case if clients or third parties suffer from any economic loss due to failure in presenting and auditing financial accounts.

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 3

Question

Chapter C, Problem 1RC

To determine

State the general responsibilities that auditors owe to clients and third parties.

Expert Solution & Answer

Explanation of Solution

Auditor:

The person who is considered responsible for assessing the credibility of the financial statement of the client’s firm is known as an auditor. An auditor obtains sufficient audit evidence to express a view on the financial statements of a company.

The general responsibilities which auditor owes to clients and third parties are as follows:

It is the duty of the auditor to perform services according to the GAAP (Generally Accepted Accounting Principles) and the letter of engagement.
On the basis of GAAS (Generally Accepted Auditing Standards) audit, reports are issued to the third party by the auditor. This provides assurance to the financial statement for the clients and third parties.
Auditors are liable in that case if clients or third parties suffer from any economic loss due to failure in presenting and auditing financial accounts.

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Answer 4

Question

Chapter C, Problem 1RC

To determine

State the general responsibilities that auditors owe to clients and third parties.

Expert Solution & Answer

Explanation of Solution

Auditor:

The person who is considered responsible for assessing the credibility of the financial statement of the client’s firm is known as an auditor. An auditor obtains sufficient audit evidence to express a view on the financial statements of a company.

The general responsibilities which auditor owes to clients and third parties are as follows:

It is the duty of the auditor to perform services according to the GAAP (Generally Accepted Accounting Principles) and the letter of engagement.
On the basis of GAAS (Generally Accepted Auditing Standards) audit, reports are issued to the third party by the auditor. This provides assurance to the financial statement for the clients and third parties.
Auditors are liable in that case if clients or third parties suffer from any economic loss due to failure in presenting and auditing financial accounts.

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter C, Problem 1RC

To determine

State the general responsibilities that auditors owe to clients and third parties.

Expert Solution & Answer

Explanation of Solution

Auditor:

The person who is considered responsible for assessing the credibility of the financial statement of the client’s firm is known as an auditor. An auditor obtains sufficient audit evidence to express a view on the financial statements of a company.

The general responsibilities which auditor owes to clients and third parties are as follows:

It is the duty of the auditor to perform services according to the GAAP (Generally Accepted Accounting Principles) and the letter of engagement.
On the basis of GAAS (Generally Accepted Auditing Standards) audit, reports are issued to the third party by the auditor. This provides assurance to the financial statement for the clients and third parties.
Auditors are liable in that case if clients or third parties suffer from any economic loss due to failure in presenting and auditing financial accounts.

Answer 6

Chapter C, Problem 1RC

To determine

State the general responsibilities that auditors owe to clients and third parties.

Expert Solution & Answer

Explanation of Solution

Auditor:

The person who is considered responsible for assessing the credibility of the financial statement of the client’s firm is known as an auditor. An auditor obtains sufficient audit evidence to express a view on the financial statements of a company.

The general responsibilities which auditor owes to clients and third parties are as follows:

It is the duty of the auditor to perform services according to the GAAP (Generally Accepted Accounting Principles) and the letter of engagement.
On the basis of GAAS (Generally Accepted Auditing Standards) audit, reports are issued to the third party by the auditor. This provides assurance to the financial statement for the clients and third parties.
Auditors are liable in that case if clients or third parties suffer from any economic loss due to failure in presenting and auditing financial accounts.

Answer 7

Chapter C, Problem 1RC

To determine

State the general responsibilities that auditors owe to clients and third parties.

Answer 8

Expert Solution & Answer

Explanation of Solution

Auditor:

The person who is considered responsible for assessing the credibility of the financial statement of the client’s firm is known as an auditor. An auditor obtains sufficient audit evidence to express a view on the financial statements of a company.

The general responsibilities which auditor owes to clients and third parties are as follows:

It is the duty of the auditor to perform services according to the GAAP (Generally Accepted Accounting Principles) and the letter of engagement.
On the basis of GAAS (Generally Accepted Auditing Standards) audit, reports are issued to the third party by the auditor. This provides assurance to the financial statement for the clients and third parties.
Auditors are liable in that case if clients or third parties suffer from any economic loss due to failure in presenting and auditing financial accounts.