What does the audit of financial statements not relieve management of?

When conducting an audit of financial statements, management retains the ultimate responsibility for the accuracy of those financial statements. Even if an auditor is engaged to provide an opinion on the financial statements, this does not transfer the duty of management to ensure that all information presented is complete and correct. Management must actively participate in the financial reporting process, ensuring that internal controls are effective and that they maintain oversight over financial practices.

The audit provides reasonable assurance that the financial statements are free from material misstatement, but it does not absolve management of their obligation to provide accurate and truthful financial reporting. They are accountable for the integrity of the information, ensuring compliance with accounting standards and regulations, even after the audit has been performed.

In contrast, the other options touch upon various aspects of management's responsibilities, but the fundamental principle here is that regardless of the audit's findings or the opinions given by auditors, the accuracy of financial statements still fundamentally relies on management's stewardship.