Management is not responsible for implementing internal controls and does not need to issue a report on internal controls.

Question

Quizplus · Accepted Answer

Management is responsible for implementing and maintaining effective internal controls, and is required to issue a report on the effectiveness of those controls as part of the company's financial statements. This report is known as the Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A), and it is filed with the Securities and Exchange Commission (SEC) along with the company's financial statements.

Management Is Not Responsible for Implementing Internal Controls and Does