Question

48. What does management say they are doing to assure the public that the financial information is reliable

Answer 1

Answer:

Management of a company is responsible for integrity and objectivity of financial statements. It is management's responsibility to comply with all applicable accounting standards while preparing financial statements.

Explanation:

There should be strict internal controls in a company. A company management is responsible to comply with all laws, and prepare financial standards free from errors. There should be no window dressing and information presented should be reliable. A company management is also responsible to maintain effective internal control system.