In addition to the preparation of financial statements, it is also the responsibility of those charged with governance to: * Identify the financial reporting framework to be used in the preparation and presentation of their financial report. Establish and maintain internal controls that are effective in preventing and detecting material misstatements Selecting and applying appropriate O accounting policies and making reasonable accounting estimates O All of the above.
In addition to the preparation of financial statements, it is also the responsibility of those charged with governance to: * Identify the financial reporting framework to be used in the preparation and presentation of their financial report. Establish and maintain internal controls that are effective in preventing and detecting material misstatements Selecting and applying appropriate O accounting policies and making reasonable accounting estimates O All of the above.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:In addition to the preparation of
financial statements, it is also the
responsibility of those charged with
governance to: *
Identify the financial reporting
framework to be used in the
preparation and presentation of their
financial report.
Establish and maintain internal
controls that are effective in
preventing and detecting material
misstatements
Selecting and applying appropriate
O accounting policies and making
reasonable accounting estimates
All of the above.
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