What Is One of the Ways That the Canadian Auditing

question 75

Multiple Choice

What is one of the ways that the Canadian Auditing Standards (CASs) make management directly responsible for an organization's financial statements?

• A)All listed company management must certify the accuracy of the evidence provided.
• B)Management must implement and carry out development of high-quality internal controls.
• C)Management must acknowledge and understand its responsibilities.
• D)Companies must use internal auditors to assess the quality of the financial statements.

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Definitions:

Negotiable Instrument

A written document guaranteeing the payment of a specific amount of money, either on demand or at a set time, with the payee's name mentioned.

UCC

Uniform Commercial Code; a set of laws that govern commercial transactions in the United States.

Transfer Warranty

Guarantees made by the seller about the quality and title of goods being sold, ensuring they are free from any claims and encumbrances.

Remotely Created Checks

Checks that are created by the payee using the payer’s bank account information, without the payer’s direct signature, often used for telephone or online transactions.