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