The Primary Responsibility for the Adequacy of Disclosure in the Financial

question 35

Multiple Choice

The primary responsibility for the adequacy of disclosure in the financial statements of a publicly held company rests with the:

• A)Partner assigned to the audit engagement.
• B)Management of the company.
• C)Auditor in charge of the fieldwork.
• D)Securities and Exchange Commission.

---

Definitions:

Stock Price

The cost of purchasing a share of a company's stock, representing partial ownership in the company.

Cum Dividend

A term indicating that a stock is trading with the right to receive the most recently declared dividend.

Shareholders of Record

Shareholders of record are individuals or entities that are officially recorded by a company as the legal owners of its shares on a specific date.

September

The ninth month of the year in the Gregorian calendar.