Final answer:
The statement that an auditor verifying quoted market prices is concerned about accuracy is true. Adequate information leads to market equilibrium, ensuring accurate valuations and fairness in the market.
Step-by-step explanation:
When an auditor is verifying quoted market prices, they are focused on the balance related audit objective of accuracy. This statement is true. Auditors are concerned with ensuring that the financial statements of a company accurately reflect the true value of assets and liabilities. Verifying quoted market prices helps to ensure that the assets and securities reported are valued correctly and the financial statements are reliable. In the context of market transactions, full information about a product's price and quality is crucial. In ideal conditions, markets achieve equilibrium when buyers and sellers possess complete information, allowing for efficient and fair transactions. However, without full information, markets may fail to reach equilibrium, leading to potential inefficiencies and poor decision-making by the participants.