Читать книгу Wiley Practitioner's Guide to GAAS 2020 - Joanne M. Flood - Страница 15

Financial statements are prepared by management with oversight from those charged with governance. GAAS do not impose requirements on management or those charged with governance, but rather an audit is conducted on the premise that management and those charged with governance understand their responsibilities. (AU-C 200.05)

Many times clients do not understand their responsibilities for audited financial statements. The financial statements are management’s. They contain management’s representations. The form and content of the financial statements are management’s responsibility, even if the auditor prepared them or participated in their preparation.

Management also is responsible for implementing and maintaining an effective system of internal control.