Is it the external auditor's responsibility to ensure that financial statements are submitted to authorities on time?

The statement that it is the external auditor's responsibility to ensure that financial statements are submitted to authorities on time is false. The role of the external auditor primarily involves examining the financial statements of a company to provide an independent opinion on whether they are presented fairly and in accordance with accounting standards. While external auditors may recommend timelines for financial reporting and provide guidance to management, the ultimate responsibility for ensuring that financial statements are submitted to the relevant authorities lies with the company's management. Management is tasked with preparing the financial statements and ensuring compliance with regulatory requirements, including timing for submissions. Thus, the correct understanding of the auditor’s responsibility is focused on the accuracy and reliability of the financial statements, rather than the operational responsibility for timely submission.