Create a post (250 words minimum) relating the researched information to the material presented in the chapter. You must have at least one non-textbook reference. Be sure to use APA format for all references.

It is the responsibility of management to apply accounting standards when communicating with investors and creditors through financial statements. Another group, auditors, serves as an independent intermediary to help ensure that management has in fact appropriately applied GAAP in preparing the companys financial statements. Auditors examine (audit) financial statements to express a professional, independent opinion. The opinion reflects the auditors assessment of the statements fairness, which is determined by the extent to which they are prepared in compliance with GAAP.

Some feel that it is impossible for an auditor to give an independent opinion on a companys financial statements because the auditors fees for performing the audit are paid by the company. In addition to the audit fee, quite often the auditor performs other services for the company such as preparing the companys income tax returns.