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True or false? The board of directors is ultimately responsible for the internal control system and the "tone at the top".

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Question added by Lesley Lanag CMA CPA , Senior Accountant , Takaful Emarat Insurance (P.S.C)
Date Posted: 2014/12/02
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by Deleted user

In my opinion it is true because the board of director manage all the corporation . So the shareholders  ask them for everything .

Lesley Lanag CMA CPA
by Lesley Lanag CMA CPA , Senior Accountant , Takaful Emarat Insurance (P.S.C)

The answer is false. The CEO is ultimately responsible for the internal control system and who sets the "the tone at top". The BOD’s responsibility is to provide governance, guidance and oversight to the management of the company.

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