Romello Accounting will need to provide a statement on internal control. Effecti

Question

Romello Accounting will need to provide a statement on internal control. Effective internal control over financial reporting ICFR should ________.

a. provide a high level of assurance regarding the materiality of financial reporting

b. provide a material level of assurance regarding the high level of financial reporting

c. provide a reasonable level of assurance regarding the reliability of financial reporting

d. provide a reliable level of assurance regarding a reasonable level of financial reporting

Explanation / Answer

Effective internal contril it means internal rules, regulation and procedured are good and effective . Effective internal control over financial reporting provides reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes.

So as per the above ,

Answer = Option C = provide a reasonable level of assurance regarding the reliability of financial reporting

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