Which of the following controls can minimize the threat of inaccurate financial statements?
A)Training and experience in applying IFRS and XBRL.
B)Responsibility accounting.
C)Backup and disaster recovery procedures.
D)Restriction of access to general ledger.

Question

Quizplus · Accepted Answer

Training and experience in applying IFRS (International Financial Reporting Standards) and XBRL (eXtensible Business Reporting Language) can help ensure that financial statements are accurately prepared in accordance with relevant reporting standards and guidelines. This can minimize errors and inconsistencies that could impact the accuracy of financial statements. Responsibility accounting, backup and disaster recovery procedures, and restriction of access to the general ledger can also help improve financial statement accuracy, but they may not directly address the risk of errors in financial reporting standards and practices.

Which of the Following Controls Can Minimize the Threat of Inaccurate