An accountant of an audit client made the following statement: It is important to read the notes to financial statements, even though they are presented in technical language and are incomprehensible. Auditors may reduce their exposure to third-party liability by stating something in the notes that contradicts completely what the client has presented in the balance sheet or income statement. Evaluate the above statement and indicate: a) areas of agreement, if any

b) areas of misconception, incompleteness, or fallacious reasoning included in the statement

COULD YOU PLEASE USE SOURCES SUCH AS : JOURANL OF ACCOUNTANCY, AICPA, FASB, ETC.

THANK YOU VERY MUCH!