Answer choices for column B are:

- Management is responsible

- Auditor is responsible

- Both are responsible

- Neither are responsible

Please include an explanation as to why you chose your answers so I can understand how to approach the question.

Thank you!

Slater, CPA, is planning the audit engagement of Nicole Industries. An understanding needs to be established regarding Slater's and Nicole's responsibilities. For each of the items in the table below, identify the responsible party by clicking in the associated cell and selecting the appropriate option from the list provided. A B 1 Tasks to be performed Responsible Party :E 2 Preparation of financial statements 3 Obtaining an understanding of internal control 4 Following generally accepted auditing standards 5 Following generally accepted accounting principles PE 6 Detection of immaterial errors E 7 Establishment of internal control 8 Provision of representation letter 9 Establishing the timing of the audit 10 Compliance with laws and regulations 11 Coordinating client assistance