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Kylee and Jason, two audit interns from a local university, have been assigned to the attestation engagement for Lucky Enterprises, a distributor of playing cards
Kylee and Jason, two audit interns from a local university, have been assigned to the attestation engagement for Lucky Enterprises, a distributor of playing cards and other games across the southern United States. One day during lunch, the topic of misstatements comes up. Jason asks Kylee to explain what misstatements are, and why auditors concern themselves with them. Which of the following responses represents Kylee's best reply to these questions? O Auditors are concerned with misstatements because a large number of misstatements typically results in an auditor disclaiming an opinion on the financial statements. O Auditors are concerned with material misstatements in the financial statements of a client. Misstatements refer to any amounts that are misstated. Auditors are employed by the client to eliminate all misstatements from the financial statements, as they may be held liable if they do not accomplish this. Misstatements refer to any amounts that are misstated. None of the choices is correct
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