Final answer:
The key attribute that differentiates a CPA who audits financial statements from management is the CPA's independence, which refers to the unbiased and impartial perspective required to perform an effective audit. Additionally, CPAs must adhere to professional standards that guide the audit process.
Step-by-step explanation:
The attribute that most clearly differentiates a CPA who audits management's financial statements from management is independence. Independence refers to the necessity for auditors to remain unbiased and impartial with respect to the financial statements and the entities they audit. For a CPA to effectively perform an audit, they must approach the financial review without any conflicts of interest that could influence judgment. This includes personal or financial ties to the entity being audited. Having an independent auditor is crucial because stakeholders rely on the objectivity of the auditor's report to make informed decisions.
Another key aspect of a CPA's role in auditing is adherence to professional standards. These standards guide the audit process and include comprehensive requirements for planning, performing, and reporting on an audit. CPAs are required to follow these professional standards to ensure the quality and reliability of the audit work.
Thus, while management is responsible for the preparation and fair presentation of the financial statements, the CPA’s role is to independently examine and provide assurance that the statements produced by management accurately reflect the company's financial position.