The role of the auditor

Auditors are employed by the company whose accounts they audit

• True

• False

A true and fair view means the accounts are 100% correct

• True

• False

The auditors do not analyse and evaluate the entire accounting records of the business

• True

• False

The audit report offers three types of opinion

• True

• False

The auditor's report contains two main sections

• True

• False

An unqualified opinion means the auditors are unsatisfied that the final accounts have been prepared correctly

• True

• False

A disclaimer opinion means that the auditor found insufficient information was provided

• True

• False

The audit report contains a section which details the separate responsibilities of directors of the company for preparing the accounts

• True

• False

One advantage of the audit is that auditors may not be totally independent as they are paid by the company

• True

• False

One disadvantage is that owing to time constraints and sampling size the audit does not cover all records.

• True

• False