Which of the Following Parties Is Responsible for Implementing Internal

question 28

Multiple Choice

Which of the following parties is responsible for implementing internal controls to minimize the likelihood of fraud?

• A)External auditors
• B)Audit committee members
• C)Management
• D)Committee of Sponsoring Organizations

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Definitions:

Principal

The original amount of money loaned or invested, excluding any interest or profits.

Tort Liability

Legal responsibility arising from civil wrongs or injuries caused by one's actions or inactions to another person, excluding breaches of contract.

Misrepresentations

False statements or actions made to deceive or mislead.

Rescinding

The action of revoking, canceling, or repealing a contract, agreement, or law.