In addition to the preparation of financial statements,it is also the responsibility of those charged with governance to:
A)selecting and applying appropriate accounting policies and making reasonable accounting estimates.
B)establish and maintain internal controls that are effective in preventing and detecting material misstatements.
C)identify the financial reporting framework to be used in the preparation and presentation of their financial report.
D)all of the above.

Question

Quizplus · Accepted Answer

All of the above statements are responsibilities of those charged with governance in addition to the preparation of financial statements. Selecting and applying appropriate accounting policies and making reasonable accounting estimates help ensure that the financial statements are prepared in accordance with the applicable financial reporting framework. Establishing and maintaining internal controls is important for preventing and detecting material misstatements. Identifying the financial reporting framework to be used is necessary for ensuring consistency in financial reporting.

In Addition to the Preparation of Financial Statements,it Is Also