Internal controls over financial reporting involve all of the following except
A) A process
B) Supervision of the company's principal executives
C) Profit guidance
D) Maintenance of records

Question

Quizplus · Accepted Answer

Internal controls over financial reporting involve processes, supervision of executives, and maintenance of records to ensure the reliability and accuracy of financial information. However, profit guidance is not a part of internal controls over financial reporting. Profit guidance is a forward-looking estimate or projection, while internal controls over financial reporting focus on the reliability and accuracy of historical financial information.

Internal Controls Over Financial Reporting Involve All of the Following