With whom does primary responsibility for the information in a corporation's financial statements rest?

Question

Quizplus · Accepted Answer

The primary responsibility for the information in a corporation's financial statements rests with the managers of the corporation. Managers are responsible for preparing financial statements that accurately reflect the financial position of the company, and for ensuring that the statements are in compliance with accounting standards and regulations. Shareholders do have a role in approving the financial statements, but the ultimate responsibility for the accuracy of the statements lies with the company's management. The Ontario Securities Commission and public accountants also have important roles in ensuring the accuracy and transparency of financial statements, but they do not have primary responsibility for the information in the statements.

With Whom Does Primary Responsibility for the Information in a Corporation's