Management Assesses Its Internal Control and Issues a Report on the Effectiveness

question 38

Multiple Choice

Management assesses its internal control and issues a report on the effectiveness of internal controls in connection with the audit of its financial statements.This report includes

• A)a statement of management's responsibility for establishing and maintaining adequate internal controls over financial reporting
• B)management's opinion on the effectiveness of internal controls over financial reporting
• C)a statement identifying the framework used by the auditors to evaluate the effectiveness of internal controls over financial reporting
• D)a statement that the registered public accounting firm that audited the company's financial statements has issued an attestation report on management's opinion of the company's internal controls over financial reporting

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Definitions:

Fluid Intelligence

Our ability to reason speedily and abstractly; tends to decrease with age, especially during late adulthood.

Cross-Sectional

A research method that involves observations of all of a population, or a representative subset, at one specific point in time.

Education Levels

Education levels are the degrees or stages of formal learning that an individual has completed, ranging from elementary to secondary, and further to tertiary education.

Extended Length

An increase in duration or size beyond the usual or expected amount.