Full Disclosure

Thank you for your post.  The biggest take-away from your discussion to me is the word “influence”.  You hit the nail on the head in that the disclosures are necessary for any item that can influence a financial statement user.  One thing I would like to discuss a bit further is the responsibility factor for the disclosures.

Class — Do you think it is the company’s responsibility or the auditor’s responsibility to make sure disclosures are accurate and are inclusive of everything that could influence a reader?