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:

Impossibility

A concept in contract law where unanticipated events make the fulfillment of a contract's terms unfeasible or unable to be completed.

Substitute

An alternative or replacement for something else, particularly in the context of products, goods, or services.

Statute of Limitations

A law that sets the maximum time after an event within which legal proceedings may be initiated.

Parol Evidence Rule

A legal principle that prevents the use of oral statements or extrinsic evidence to contradict or add to the terms of a written contract.