The statement of management's responsibility, issued along with a company's financial statements, indicates all of the following EXCEPT that management:
A) is responsible for establishing and maintaining an adequate system of internal control.
B) conducted an assessment of internal control over financial reporting based on the framework established by COSO.
C) states that the internal controls of the company have been audited by the company's outside auditors.
D) has hired a new CEO in the current year.

Question

Quizplus · Accepted Answer

The statement of management's responsibility typically focuses on management's responsibility for financial reporting, internal control, and compliance with laws and regulations. It would not typically include information about hiring decisions or personnel changes. Therefore, choice D is the correct answer. Choices A, B, and C are all typical components of the statement of management's responsibility.

The Statement of Management's Responsibility, Issued Along with a Company's