The selection of appropriate accounting policies for a company is the responsibility of:
A) the body that sets Accounting Standards.
B) the company secretary.
C) the internal auditors of the company.
D) the management of the company.

Question

Quizplus · Accepted Answer

The selection of appropriate accounting policies is the responsibility of the management of the company. The management must decide on the most appropriate accounting policies based on the circumstances of the company and the requirements of the relevant accounting standards. The body that sets accounting standards provides guidance on the appropriate accounting policies, but it is ultimately the responsibility of the management to make the final decision. The company secretary is responsible for legal, administrative, and corporate governance matters and is not directly involved in accounting policies. The internal auditors of the company ensure that internal controls are effective and operational, but they do not decide on accounting policies.

The Selection of Appropriate Accounting Policies for a Company Is