Since the management of a company is responsible for its financial statements and the auditor is responsible only for the report, management may choose the form of presentation and the degree of disclosure which does not lead to the most informative financial statements. One proposal is that management's duties be limited to the adoption and maintenance of an adequate accounting system while the independent auditor assumes the greater responsibility for preparing and reporting on the financial statements. These would then present an objective and impartial report on the performance of management. Comment on this proposal.