Ultimately any system of control is the responsibility of the governing board. The Canadian Institute of Chartered Accountants' (CICA) publication, Guidance for Directors - Governance Processes for Control, describes all of the following control responsibilities for boards given below EXCEPT:

Question

Quizplus · Accepted Answer

The responsibility to establish a common definition of internal control is typically not a direct responsibility of the board but rather falls under management or specific committees. The board focuses on broader governance and oversight responsibilities.

Ultimately Any System of Control Is the Responsibility of the Governing