The company's ___________ have/has the primary responsibility for establishing and maintaining a company's system of internal control.

Question

Quizplus · Accepted Answer

The top management of a company has the primary responsibility for establishing and maintaining the company's system of internal control. This includes setting the tone at the top for ethical behavior, designing and implementing control procedures, and overseeing the monitoring and reporting on the effectiveness of the system. While both external and internal auditors may play a role in evaluating and testing the effectiveness of the internal control system, they are not responsible for establishing or maintaining it. Stockholders, while important stakeholders, also do not have the primary responsibility for internal control.

The Company's ___________ Have/has the Primary Responsibility for Establishing and Maintaining