Which of the following parties is responsible for implementing internal controls to minimize the likelihood of fraud?
A)External auditors
B)Audit committee members
C)Management
D)Committee of Sponsoring Organizations

Question

Quizplus · Accepted Answer

Management is responsible for implementing internal controls to minimize the likelihood of fraud as they are the ones who have operational control over the company's activities. While external auditors and audit committee members may provide recommendations or assess the effectiveness of the internal controls, it is not their primary responsibility to implement them. The Committee of Sponsoring Organizations (COSO) is a private sector initiative that provides guidance on internal controls but is not responsible for implementing them.

Which of the Following Parties Is Responsible for Implementing Internal