Which of the following statements is false?
A)Management identifies controls that are in place to address the financial reporting risks.
B)Management is required to base internal controls on a recognized control framework.
C)Nearly all reporting companies use the internal control framework developed by COSO.
D)All controls relevant to financial reporting are accounting controls.

Question

Quizplus · Accepted Answer

This statement is false. Controls relevant to financial reporting also include non-accounting controls such as IT controls or controls over non-financial data that may impact financial reporting.

Which of the Following Statements Is False