Who has primary responsibility for making sure that a company's financial statements follow GAAP?
A)Management
B)Independent auditors (CPAs)
C)The Securities and Exchange Commission (SEC)
D)The Public Company Accounting Oversight Board (PCAOB)

Question

Quizplus · Accepted Answer

A company's managers have primary responsibility for following GAAP.To provide additional assurance,some private companies and all public companies hire independent auditors to scrutinize their financial records.

Who Has Primary Responsibility for Making Sure That a Company's