The primary responsibility for fair and accurate financial reporting rests with the:
A) board of directors.
B) SEC.
C) management.
D) auditors.

Question

Quizplus · Accepted Answer

The management of a company has the primary responsibility for fair and accurate financial reporting. They are responsible for supervising the preparation and presentation of financial statements and ensuring that they are in compliance with accounting standards and laws. The board of directors provides oversight, while the SEC and auditors play a regulatory and auditing role, respectively. However, the ultimate responsibility for financial reporting lies with the company's management.

The Primary Responsibility for Fair and Accurate Financial Reporting Rests