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Answer and Explanation: The answer is c. Management of the organization. Management bears ultimate responsibility.
A companys management has the responsibility for preparing the companys financial statements and related disclosures. The companys outside, independent auditor then subjects the financial statements and disclosures to an audit.
. 03 The financial statements are managements responsibility. The auditors responsibility is to express an opinion on the financial statements.
Directors prepare financial statements, audit committees monitor the integrity of financial information. Auditors audit the financial statements and perform other procedures on other parts of the annual report.
The management is responsible to draw up the financial statements ing to the applicable guidelines. Such financial statements are adopted by the board of directors and given to the auditors for auditing.
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The purpose of an audit is to form a view on whether the information presented in the financial report, taken as a whole, reflects the financial position of the organisation at a given date, for example: Are details of what is owned and what the organisation owes properly recorded in the balance sheet?

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