Internal auditors are responsible for: A) Issuing a certification report on the internal controls. B) Auditing the financial statements. C) The day-to-day monitoring of internal controls. D) Preparation of the financial statements.
Internal auditors are responsible for: A) Issuing a certification report on the internal controls. B) Auditing the financial statements. C) The day-to-day monitoring of internal controls. D) Preparation of the financial statements.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Internal auditors are responsible for:
A) Issuing a certification report on the internal controls.
B) Auditing the financial statements.
C) The day-to-day monitoring of internal controls.
D) Preparation of the financial statements.
Expert Solution
Step 1
Internal Control:
The process by which an organization develops the rules and regulations for the effective management of the organization is referred to as an internal control system. Examples include authorization, verification, and reporting of financial transactions.
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