Below are concepts associated with the role of the auditor in financial reporting.
\begin{array}{ll} \text{Concept} & \text{Description}\\ \hline \text{1. \_\_\_\_\_ Securities and Exchange Commission} & \text{a. Phrase meaning to present the accounting records in an altered format.}\\ \text{2. \_\_\_\_\_ Need for auditing} & \text{b. Auditors are not employees of the company they audit.}\\ \text{3. \_\_\_\_\_ Cooking the books} & \text{c. Responsible for applying generally accepted accounting principles (GAAP).}\\ \text{4. \_\_\_\_\_ Management} & \text{d. Regulatory body that requires audits of all publicly traded companies.}\\ \text{5. \_\_\_\_\_ Auditor} & \text{e. Separation of management from those who own the business or finance operations.}\\ \text{6. \_\_\_\_\_ Independent} & \text{f. Party that reports on whether a company's financial statements are in accordance with GAAP.}\\ \text{7. \_\_\_\_\_ Opinion} & \text{g. View expressed by an auditor as to the accuracy of a company's financial statements. }\\ \end{array}
Concept
1. _____ Securities and Exchange Commission
2. _____ Need for auditing
3. _____ Cooking the books
4. _____ Management
5. _____ Auditor
6. _____ Independent
7. _____ Opinion
Description
a. Phrase meaning to present the accounting records in an altered format.
b. Auditors are not employees of the company they audit.
c. Responsible for applying generally accepted accounting principles (GAAP).
d. Regulatory body that requires audits of all publicly traded companies.
e. Separation of management from those who own the business or finance operations.
f. Party that reports on whether a company’s financial statements are in accordance with GAAP.
g. View expressed by an auditor as to the accuracy of a company’s financial statements.
Required: Match each concept with its description.
