Which of the following is not an element of management's assessment process for the effectiveness of internal control?
A) Evaluate the likelihood that failure of a control could result in a misstatement.
B) Determining the locations and business units to include in the evaluation.
C) Determining significant deficiencies and material weaknesses in controls.
D) Obtaining the auditor's assessment of the internal control effectiveness.

Question

Quizplus · Accepted Answer

Obtaining the auditor's assessment is not part of management's assessment process for the effectiveness of internal control. Instead, it is the auditor's responsibility to evaluate management's assessment and provide their own independent assessment of the effectiveness of internal control. A, B, and C are all elements of management's assessment process.

Which of the Following Is Not an Element of Management's