Financial statements of public companies are required to be audited by O an independent certified public accounting firm O the Audit Committe of the Board of Directors O the Chief Financial Officer O all of the above none of the above
Financial statements of public companies are required to be audited by O an independent certified public accounting firm O the Audit Committe of the Board of Directors O the Chief Financial Officer O all of the above none of the above
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Which of the following are true regarding public companies' internal control systems? (Select all that apply)
U managment must report on the effectiveness of its internal control system
U internal control systems' main purpose is to report the amount of economic resources and claims to the resources
O internal control systems help ensure financial statement reliability
O Independent Auditors must audit the public company's internal control system
Transcribed Image Text:Financial statements of public companies are required to be audited by
an independent certified public accounting firm
the Audit Committee of the Board of Directors
O the Chief Financial Officer
O all of the above
O none of the above
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Audit of Public companies: As per the law, a public company's financial accounts are required to be audited by an external party.
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