Directors, management, external auditors, and internal auditors all play important roles in creating proper control procedures. Senior management is primarily responsible for:
a. Establishing and maintaining an organizational culture.
b. Implementing and monitoring controls designed by the board of directors.
c. Reviewing the reliability and integrity of financial and operational information.
d. Determining the organization's risk appetite.
e. Ensuring that external and internal auditors oversee the administration of the system of risk management and control processes.
Ans: a. Establishing and maintaining an organizational culture.
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