The primary responsibility for the adequacy of disclosures in the financial report of a publicly held company rests with:
A)those charged with the governance of the company.
B)the partner assigned to the audit engagement.
C)the Australian Securities and Investments Commission.
D)the auditor in charge of the fieldwork.

Question

Quizplus · Accepted Answer

The primary responsibility for the adequacy of disclosures in the financial report of a publicly held company rests with those charged with the governance of the company, such as the board of directors and senior management. While auditors play an important role in reviewing and reporting on the financial report, they are not primarily responsible for ensuring the accuracy and completeness of the disclosures. The Australian Securities and Investments Commission also has a regulatory role in overseeing the financial reporting of publicly held companies, but the primary responsibility lies with the company's management and governance.

The Primary Responsibility for the Adequacy of Disclosures in the Financial