[Anonymous]

Who is responsible for Internal control regarding financial reporting?

CEO? CFO? Board of directors?

Thanks

[Anonymous]

Actually it is asking about primary responsibility.

CEO?CFO?BOD?

[Future Ninja]

OR would it be the Internal Auditors?

AUD - 79 (expired) retaking July 28,2016
FAR - 76 expiring July 31, 2016
BEC - 85
REG - 74,74,74,74,59,70,

[h0wdyus]

internal auditor reports administratively to CEO and functionally to the Audit committee. Audit committee is not the board of directors, but comprises of directors. In that case, I would go with CEO. Cannot be the CFO as that would be conflict of interest to report to the CFO.

FAR - 81 29th Aug 2013
AUD - 84
REG - 82
BEC - 89 29th Aug 2014
Using Yager

FROM NJ

[Jspann225]

I am pretty sure it is the CEO and CFO. A company's management is responsible for internal control. The Board of Directors is not included in management.

FAR - 93 - 7/1/14
AUD - 94 - 7/25/14
REG - 92 - 8/30/14
BEC - 89 - 10/6/14

[Anonymous]

I am thinking about the BOD for some reason. Books says board must oversee the development and performance of internal control.

[Anonymous]

Management is responsible for internal control, not the BOD

[Anonymous]

Read the audit report- it says “Management is responsible for the preparation and fair presentation of these financial statements……this includes the design, implementation, and maintenance of internal control”

[Anonymous]

Then CEO sounds like a pretty decent answer:)

[Anonymous]

I don't remember any Becker questions specifically asking which employee is responsible for IC? It's just management who's in charge of it and then they specifically reference the CEO/CFO as having to communicate any SDs to the auditors.

[Author]

Replies