Which of the following parties is responsible for implementing internal controls to minimize the likelihood of fraud?
A) external auditors
B) audit committee members
C) management
D) Committee of Sponsoring Organizations

Question

Quizplus · Accepted Answer

Management is responsible for implementing internal controls to minimize the likelihood of fraud. This includes designing and implementing controls over financial reporting, maintaining an effective system of internal control, and monitoring the effectiveness of those controls. While external auditors and audit committee members may review and assess the effectiveness of internal controls, they are not responsible for implementing them. The Committee of Sponsoring Organizations provides guidance and frameworks for effective internal control, but does not have direct responsibility for implementing controls in individual organizations.

Which of the Following Parties Is Responsible for Implementing Internal