Which of the Following Is Not Part of Management's Report

question 61

Multiple Choice

Which of the following is not part of management's report on internal controls?

• A)A statement that management is responsible for internal control.
• B)The framework used to evaluate internal control.
• C)An assessment of the effectiveness of the company's internal control.
• D)A statement indicating the extent of tests performed to assess controls.

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Definitions:

Compounded Quarterly

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Redeemed

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Compounded Semi-Annually

Refers to the process of applying interest to a principal sum twice a year, leading to interest being earned on previously earned interest.

Lump Sum Payment

A single payment made at a particular time, as opposed to multiple payments made over time.