Preparing Financial Statements and Auditors’ Independence. For many audit engagements, the auditors prepare financial statements. Management must understand that preparation of financial statements by the auditor does not change the fact that management is responsible for those financial statements.Click to see full answer. Keeping this in view, who prepare audited financial statements?A company’s management has the responsibility for preparing the company’s financial statements and related disclosures. The company’s outside, independent auditor then subjects the financial statements and disclosures to an audit.Additionally, what to look for when auditing financial statements? Involves a broad array of procedures, of which a small sampling are: Analysis. Conduct a ratio comparison with historical, forecasted, and industry results to spot anomalies. Cash. Marketable securities. Accounts receivable. Inventory. Fixed assets. Accounts payable. Accrued expenses. Accordingly, why don t auditors prepare financial statements as well as audit them? It would be a conflict of interest and violates ethical standards. The CPA serves on the board of a non-profit with the CFO of the company being audited.What does an IT auditor do?IT auditors provide guidance to coworkers and management regarding accounting discrepancies, compliance vulnerabilities and internal controls. IT auditors identify, document, summarize and present audit findings to external shareholders, such as regulatory bodies, and internal shareholders, such as executives.