The responsibility for adopting sound accounting policies and maintaining adequate internal control rests with the
A) board of directors.
B) company management.
C) financial statement auditor.
D) company's internal audit department.

Question

Quizplus · Accepted Answer

The responsibility for adopting sound accounting policies and maintaining adequate internal control ultimately falls on the company's management. The board of directors oversees the management and may provide guidance, but it is not their direct responsibility. The financial statement auditor and the company's internal audit department play roles in ensuring compliance with accounting standards and identifying weaknesses in internal control, but they are not ultimately responsible for adopting policies or maintaining control.

The Responsibility for Adopting Sound Accounting Policies and Maintaining Adequate