Internal Controls Are Crucial to Companies That Convert from U

question 21

Multiple Choice

Internal controls are crucial to companies that convert from U.S.GAAP to IFRS because of all of the following risks except:

• A)Possible misstatement of financial information.
• B)Possible fraud.
• C)Controls are significantly different across the globe.
• D)Ineffective communication of the change to investors,creditors,and others.
• E)Management's inability to certify the effectiveness of the controls.

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Definitions:

X Chromosome

One of the two sex chromosomes that determines an individual's genetic sex, XX for female and XY for male.

Cognitive Development

The process by which individuals perceive, think, and gain understanding of their world through the interaction and influence of genetic and learned factors.

Object Permanence

The understanding that objects continue to exist even when they cannot be observed, a concept developed during the sensorimotor stage of cognitive development.

Indifferent Parenting Style

A style of parenting characterized by a lack of responsiveness to a child's needs; parents who are indifferent often neglect emotional support.