Exam 6: Internal Control and Accounting for Cash

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Indicate whether each of the following statements about the auditor's role in financial accounting is true or false. _____ a)The proper conduct of an audit guarantees the accuracy of all figures on the financial statements. _____ b)The financial statement audit is a detailed review of a company's financial statements and documents. _____ c)The primary responsibility of the independent accounting firm is to the public. _____ d)The most favorable type of audit report is called a qualified opinion. _____ e)The ultimate responsibility for the financial statements lies with management of the company rather than the independent accounting firm.