(Solved): Which of the following statements best describes auditors' responsiblity to detect errors and frauds ...

Which of the following statements best describes auditors' responsiblity to detect errors and frauds? Multiple Choice 1136.24 init

Audiors should design an audit to provide reasonable assurance of detecting emors and traust that are material to the financial statement.

Auditors are responsible to detect material errors, but have no responsibity to detect molerial frods that are concealed through employee collusion or management overide of the internal compol structure.

Auditors have no responsibility to detect errors and frads uniess analyical procedures or tests of transactions identify conditors causing a reasonably prudent auditor to suspect that the financial statements were materially misstated.

Audiors have no responsibily to detect errors and frads because an audior is not an insurer and an budi does notconstitue a guarantee. 28 of 50 Neast 4 c raw III