Internal control over financial reporting is concerned with ensuring the reliability of the financial statements.

Question

Quizplus · Accepted Answer

Internal control over financial reporting is designed to ensure that the financial statements are accurate, complete, and reliable. Its main goal is to mitigate the risk of material misstatements in the financial statements by implementing control activities such as segregation of duties, management oversight, and monitoring procedures. Therefore, the statement is true.

Internal Control Over Financial Reporting Is Concerned with Ensuring the Reliability