The statement of management's responsibility for internal control indicates all of the following EXCEPT:
A) that management is responsible for establishing and maintaining an adequate system of internal control.
B) that management has conducted an assessment of internal control over financial reporting based on the framework established by the Committee of Sponsoring Organizations of the Treadway Commission.
C) that management states that the internal controls of the company have been audited by the company's outside auditors and refers to their report.
D) that management states that the internal controls of the company have been designed by the company's outside auditors.
D
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If disposal of a plant asset occurs at any time during the year,_______________ for the fraction of the year to the date of disposal must be recorded.
Fill in the blank(s) with the appropriate word(s).
What is a vertical merger?
A) a merger between firms in totally unrelated businesses B) a merger that integrates the operations of a supplier and a customer C) a merger between two companies in similar fields whose sales do not overlap D) a merger between two or more companies that compete in the same business and geographical market