Which of the following is not an element of management's assessment process for the effectiveness of internal control?
A) Evaluating the likelihood that failure of a control could result in a misstatement.
B) Determining the locations and business units to include in the evaluation.
C) Determining significant deficiencies and material weaknesses in controls.
D) Obtaining the auditor's assessment of the internal control effectiveness.

Question

Quizplus · Accepted Answer

Obtaining the auditor's assessment is not a part of management's assessment process for the effectiveness of internal control. It is the auditor's job to evaluate and report on the effectiveness of internal control based on their own independent testing and evaluation. A, B, and C are all steps that management would undertake in their assessment process.

Which of the Following Is Not an Element of Management's