$.$ It is important to read the footnotes to financial statements, even though they often are presented in technical language and are incomprehensible. The auditor may reduce his exposure to third$-$party liability by stating something in the footnotes that contradicts completely what he has presented in the balance sheet or income statement.

Required

Evaluate the above statement and indicate:

a$.$Areas of agreement with the statement, if any.

b$.$Areas of misconception, incompleteness, or fallacious reasoning included in the statements, if any.