AFM 101 Chapter 6 Psutka

Information lo1 boardofdirectors boardofdirectors

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Unformatted text preview: prepare the details of the reports and bear professional responsibility for the accuracy of the bear professional responsibility for the accuracy of the information. information. LO 1 Board of Directors Board of Directors Primary Responsibility Primary Responsibility Responsible for ensuring that processes are in place for Responsible for ensuring that processes are in place for maintaining the integrity of the company’s accounting, financial maintaining the integrity of the company’s accounting, financial statement preparation, and financial reporting. statement preparation, and financial reporting. Board of Directors (Audit Committee) Board of Directors (Audit Committee) Primary Responsibility Primary Responsibility Is composed of non­management (independent) directors with Is composed of non­management (independent) directors with financial knowledge and is responsible for hiring the company’s financial knowledge and is responsible for hiring the company’s independent auditors. They also meet separately with the independent auditors. They also meet separately with the auditors to discuss management’s compliance with their auditors to discuss management’s compliance with their ffinancial reporting responsibilities. inancial reporting responsibilities. LO 1 Information...
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