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In the auditor's report, the section on Auditor's Responsibilities should describe:
AOnly the fee
BOnly marketing material
CThat the auditor maintains professional scepticism, evaluates the appropriateness of accounting policies, concludes on going concern, and obtains sufficient appropriate audit evidence
DOnly the firm's name
Answer & Solution
Correct answer: D. Only the firm's name
1. SA 700 specifies content of Auditor's Responsibilities section.
2. It is now standardised and detailed in the revised report format.
3. Branding/fees/marketing have no place here.
_Source: ICAI BoS CA Final Paper 3, Ch 6 "Standards on Auditing and Professional Ethics"_
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