Management must design, implement, and maintain internal controls and ﬁnancial reporting processes to produce timely ﬁnancial and nonﬁnancial information that reﬂects the underlying economics of the business.

Question

Quizplus · Accepted Answer

This statement is true. Management is responsible for establishing internal controls and financial reporting processes that accurately reflect the financial position and performance of the business. Timely financial and nonfinancial information produced by these processes enables management to make informed decisions and communicate effectively with stakeholders.

Management Must Design, Implement, and Maintain Internal Controls and ﬁNancial