Who is responsible for developing, maintaining and evaluating internal control systems?
A) Managers
B) Stockholders
C) Accountants
D) Both managers and accountants

Question

Quizplus · Accepted Answer

Both managers and accountants are responsible for developing, maintaining and evaluating internal control systems. Managers are responsible for setting the tone at the top and implementing appropriate policies and procedures, while accountants are responsible for ensuring that financial reporting is accurate and complies with relevant regulations. It is a joint effort between both groups to establish and maintain effective internal controls. Stockholders are not directly responsible for internal controls.

Who Is Responsible for Developing, Maintaining and Evaluating Internal Control