Which of the Following Is NOT a Requirement in Management's

question 21

Multiple Choice

Which of the following is NOT a requirement in management's report on the effectiveness of internal controls over financial reporting?

• A) A statement of management's responsibility for establishing and maintaining adequate internal control user satisfaction.
• B) A statement that the organization's internal auditors has issued an attestation report on management's assessment of the company's internal controls.
• C) A statement identifying the framework used by management to conduct their assessment of internal controls.
• D) An explicit written conclusion as to the effectiveness of internal control over financial reporting.

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Definitions:

Equity

Fairness or justice in the way people are treated, or the ownership interest of shareholders in a company.

Efficiency

The optimal production and distribution of resources in a way that maximizes the net benefit to society or an economy.

Total Surplus

A measure of society's overall net advantage resulting from the consumption and production of a good or service, comprised of both consumer and producer surplus.

Fire Marshal

An official responsible for enforcing fire safety codes and regulations, as well as investigating fires to determine their cause.