That is not true in an absolute sense. Auditors are confined to analyzing the information the company provides them. If the company intentionally misleads them, provides false information, etc. then the audit firm does have an element of protection. Audit firms have problems when they are complicit in some form of obfuscation, ignore relevant information, or demonstrate some level of professional negligence.
Obviously they have an obligation to dig as hard as they can, but at the end of the day the responsibility remains with LLEG....it is not transferred to the auditor.
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