Which of the following is NOT an element of internal control over financial reporting?
A) Maintaining accurate financial records
B) Providing reasonable assurance that receipts and expenditures are recorded based on proper authorization by management
C) Developing a code of conduct and whistle-blowing procedures
D) Providing reasonable assurance that the financial statements are prepared in accordance with generally accepted accounting principles

Question

Quizplus · Accepted Answer

While developing a code of conduct and whistle-blowing procedures are important aspects of ethical and responsible corporate behavior, they are not specifically related to internal control over financial reporting, which focuses on the accuracy and integrity of financial information. A, B, and D are all important elements of internal control over financial reporting.

Which of the Following Is NOT an Element of Internal