Which of the following statements is false?
A) The PCAOB focuses on the financial reporting objective of internal controls.
B) Management is required to base internal controls on a recognized control framework.
C) Most U.S. companies use the internal control framework developed by COSO.
D) All controls relevant to financial reporting are accounting controls.

Question

Quizplus · Accepted Answer

All controls relevant to financial reporting are not necessarily accounting controls. Some may fall under the category of IT controls, process controls, or other types of controls that can impact financial reporting.

Which of the Following Statements Is False