Top management responsibility for internal control The proud owner of Beedle Ltd, a successful high-tech company, is very good at hiring and motivating excellent people to develop and sell products. Delegation is the key, says the owner. ‘Hire good people and get out of their way!’ As part of this philosophy, the owner hired the best accountants available and turned all the accounting, control and finance functions over to them. The owner concentrates on strategy and business planning, and the company has grown steadily for several years.

Explain to the owner the top management responsibilities that are being neglected here. Given that the company is so successful, does such neglect really matter?