The primary responsibility to oversee the organisation's financial reporting and internal control processes lies with:
A) ASIC.
B) the audit committee.
C) external auditors.
D) internal auditors.

Question

Quizplus · Accepted Answer

The audit committee is typically responsible for overseeing the financial reporting and internal control processes of an organization. This includes reviewing financial statements, ensuring compliance with laws and regulations, and overseeing the work of external auditors and internal auditors. ASIC is a regulatory body that oversees companies in Australia, but it does not have primary responsibility for financial reporting and internal control processes. External auditors and internal auditors play important roles in the audit process, but they are not ultimately responsible for overseeing these processes.

The Primary Responsibility to Oversee the Organisation's Financial Reporting and Internal