Who Is Responsible for Developing, Maintaining and Evaluating Internal Control

question 12

Multiple Choice

Who is responsible for developing, maintaining and evaluating internal control systems?

• A) Managers
• B) Stockholders
• C) Accountants
• D) Both managers and accountants

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Definitions:

Voidable

A term used in contract law to describe an agreement that remains valid until one party chooses to cancel or void it due to certain defects or circumstances at the time of execution.

Contract

A legally binding agreement between two or more parties that creates mutual obligations enforceable by law.

Disaffirming

The act of rejecting or nullifying an agreement or contract, particularly in the context of legal minors or parties without the capacity to enter into a contract.

Minor

A person who is under the age of legal adulthood.