In addition to the preparation of financial statements, it is also the responsibility of those charged with governance to:
A) identify the financial reporting framework to be used in the preparation and presentation of their financial report.
B) establish and maintain internal controls that are effective in preventing and detecting material misstatements
C) selecting and applying appropriate accounting policies and making reasonable accounting estimates
D) all of the above.

Question

Quizplus · Accepted Answer

Those charged with governance have a variety of responsibilities related to financial reporting, including identifying the financial reporting framework, establishing and maintaining internal controls, and selecting appropriate accounting policies and making reasonable estimates. Therefore, the correct choice is D, all of the above.

In Addition to the Preparation of Financial Statements, It Is