In the Management Report contained in the audited annual report, management acknowledges its responsibility for all of the following except
A)preparing and presenting the financial statements
B)correcting all internal control deficiencies prior to issuance of the financial statements
C)designing and maintaining appropriate internal controls
D)evaluating the effectiveness of the internal controls

Question

Quizplus · Accepted Answer

While management is responsible for identifying and disclosing any internal control deficiencies, they are not required to correct all deficiencies prior to issuance of the financial statements. Management is responsible for preparing and presenting the financial statements, designing and maintaining appropriate internal controls, and evaluating the effectiveness of the internal controls.

In the Management Report Contained in the Audited Annual Report