The responsibility of management includes:
A) making fair representations in the financial statements.
B) maintaining adequate internal controls.
C) adopting sound accounting policies.
D) all of the above

Question

Quizplus · Accepted Answer

All of the above options (A, B, and C) are the responsibility of management. Making fair representations in the financial statements ensures that the financial information of an organization is accurate and reliable. Maintaining adequate internal controls is essential to prevent fraudulent activities, errors, and irregularities. Adopting sound accounting policies is important as it ensures that financial information is handled consistently and transparently.

The Responsibility of Management Includes