Management and auditors must be concerned with evaluating the existence and functioning of controls as they are necessary to protect against the risk of
A) material misstatements.
B) fraud.
C) management misrepresentations.
D) human errors.

Question

Quizplus · Accepted Answer

Controls are necessary to protect against the risk of material misstatements, which can arise from errors or fraud, affecting the accuracy and reliability of financial statements.

Management and Auditors Must Be Concerned with Evaluating the Existence