Primary responsibility for the preparation of financial statements in accordance with generally accepted accounting principles rests with
A) the internal auditors.
B) management.
C) the external auditors.
D) the board of directors.

Question

Quizplus · Accepted Answer

The primary responsibility for the preparation of financial statements in accordance with generally accepted accounting principles rests with management. They are responsible for maintaining accurate financial records and presenting financial statements that fairly represent the financial position of the organization. Internal auditors provide independent and objective evaluations of an organization's operations, including financial reporting. External auditors review the financial statements prepared by management and provide an opinion on their fairness and compliance with accounting standards, but they are not responsible for their preparation. The board of directors is responsible for overseeing management's actions and ensuring that the financial statements are accurate and complete, but they do not have primary responsibility for their preparation.

Primary Responsibility for the Preparation of Financial Statements in Accordance