In addition to the preparation of financial statements, it is also the responsibility of those charged with governance to
A) identify the financial reporting framework to be used in the preparation and presentation of their financial statements.
B) establish and maintain internal controls that are effective in preventing and detecting material misstatements.
C) selecting and applying appropriate accounting policies and making reasonable accounting estimates.
D) all of the above

Question

Quizplus · Accepted Answer

All of the above choices are the responsibility of those charged with governance in addition to the preparation of financial statements. Identifying the financial reporting framework, establishing and maintaining internal controls, and selecting and applying appropriate accounting policies and estimates are all crucial aspects of financial reporting that fall under the broader responsibility of those charged with governance.

In Addition to the Preparation of Financial Statements, It Is