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17 March, 19:27

Auditors are responsible to detect and correct errors when they are:

a. Material

b. Material or immaterial

c. Due to an illegal act

d. Management fails to correct for the error

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Answers (1)
  1. 17 March, 19:52
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    Answer: a. Material

    Explanation: The major aim of auditing financial statements is to provide an opinion regarding the financial statements if they are fair, in all material respects, in reporting the financial position of the client-the condition being that real financial statements should be free from material misstatement. This is the function of auditors. They detect and correct material errors. To achieve this goal, the work of an auditor is planned based on the evaluation of the functioning of internal control, information available on the functioning of the client and the auditor's professional judgment based on past experience.
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