Which of the following describes management's responsibility for providing documentation for its assessment of the effectiveness of ICFR?
A) The documentation must follow strict SEC guidelines regarding its format and length.
B) The documentation must show the connection between significant financial statement accounts, management assertions, and controls.
C) The documentation must be updated monthly and updated via narrative reports.
D) All of the above are true.

Question

Quizplus · Accepted Answer

Management's responsibility for providing documentation for its assessment of the effectiveness of ICFR is to show the connection between significant financial statement accounts, management assertions, and controls. The documentation does not need to follow strict SEC guidelines regarding its format and length, and it does not need to be updated monthly or via narrative reports. Therefore, options A and C are incorrect, and option D is incorrect because it includes options A and C as true.

Which of the Following Describes Management's Responsibility for Providing Documentation