Accountants are not directly responsible for developing a system that ensures the entity's economic events are properly recorded on a timely basis and at a reasonable cost.

Question

Quizplus · Accepted Answer

Accountants are responsible for developing and maintaining a system of recording financial transactions, ensuring accuracy and completeness of financial statements, and complying with applicable laws and regulations. Therefore, they are directly responsible for developing a system that ensures the entity's economic events are properly recorded on a timely basis and at a reasonable cost.

Accountants Are Not Directly Responsible for Developing a System That