A key modifying assumption in internal control is that the internal control system is the responsibility of management.

Question

Quizplus · Accepted Answer

Internal control is the responsibility of management, as they are accountable for ensuring that the organization implements effective and efficient internal control systems to achieve its objectives. This assumption is a fundamental principle for internal control, as it establishes management's central role in designing, implementing, and maintaining these systems.

A Key Modifying Assumption in Internal Control Is That the Internal