Lesson: Auditor's Responsibilities

This lesson addresses the auditor's responsibilities in an audit, focusing on communication with those charged with governance. The auditor's main responsibility is to form and express an opinion about whether the financial statements, prepared by management with the oversight of those charged with governance, are presented fairly in all material respects in accordance with the applicable framework (GAAP). It is essential to emphasize that the auditor is not relieving management of their responsibilities in preparing the financial statements, and that their role is solely to provide an opinion on the prepared financial statements. Clear distinction of responsibilities between auditors and management is key to maintain independence and avoid any confusion or miscommunication.