The primary responsibility to oversee management and direct the internal audit and the external auditor with regard to the organization's internal controls over financial reporting and the company's internal control processes rests with the:
A) external audit committee.
B) independent auditors.
C) president/CEO.
D) board of directors and/or the audit committee if one exists.

Question

Quizplus · Accepted Answer

The board of directors and/or the audit committee if one exists have the primary responsibility to oversee management and direct the internal audit and the external auditor with regard to the organization's internal controls over financial reporting and the company's internal control processes. This is because they are responsible for ensuring the accuracy and reliability of the company's financial reporting and maintaining the integrity of its internal control processes. The external audit committee and independent auditors may provide guidance and advice, but ultimate responsibility lies with the board of directors and/or the audit committee.

The Primary Responsibility to Oversee Management and Direct the Internal