The Report on the Effectiveness of Internal Control Over Financial

question 75

Multiple Choice

The report on the effectiveness of internal control over financial reporting for companies filing reports with the SEC in the U.S.must include which of the following elements?

• A)a statement that management is responsible for maintaining effective internal control over financial reporting and for assessing the effectiveness of the internal control
• B)a statement that the auditor is responsible for expressing an opinion on the effectiveness of internal control over financial reporting based on management's representations
• C)a statement that the audit was conducted in accordance with the standards of the American Institute of Certified Public Accountants
• D)a statement that the standards of the PCAOB require that the auditor plan and perform the audit to obtain reasonable assurance about the effectiveness of internal controls over the financial reporting process
• E)a statement that the auditor certifies the audit provides a reasonable basis for his opinion
• F)both A and D
• G)both B and C
• H)both D and E

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Definitions:

Present-Time Viewpoint

A perspective or narrative technique focusing on events, emotions, or actions occurring in the current moment, often to enhance immediacy and engagement.

Present Tense

A grammatical tense used to describe actions or conditions occurring at the current moment.

Transitional Relationship

A phase in dynamics between entities where changes in terms of interaction, status, or alliance occur.

On the Other Hand

A phrase used to introduce a contrasting point or perspective in a discussion.