With whom does primary responsibility for the information in a corporation's financial statements rest?

Question

Quizplus · Accepted Answer

The managers of a corporation have primary responsibility for the preparation and accuracy of the financial statements. This includes ensuring that the financial statements comply with relevant accounting standards and that all material information has been disclosed. While shareholders and the Ontario Securities Commission may review the financial statements, they do not have primary responsibility for their content. The public accountant who audits the financial statements provides an opinion on whether the financial statements present fairly the financial position of the corporation, but they do not have primary responsibility for the information contained in the statements.

With Whom Does Primary Responsibility for the Information in a Corporation's