Distinguish management's responsibility from the audit committee's responsibility for designing and implementing antifraud programs and controls within a company.

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Part 1

A.

Management has primary responsibility to design and implement antifraud programs and controls to prevent, deter, and detect fraud. The audit committee has primary responsibility to oversee the organization's financial reporting and internal control processes and to provide oversight of management's fraud risk assessment process and antifraud programs and controls.

B.

Management has primary responsibility to oversee the financial reporting and to provide oversight of management's fraud risk assessment process and antifraud programs and controls. The audit committee has primary responsibility to design and implement antifraud programs and controls to prevent, deter, and detect fraud.

C.

Management has primary responsibility to implement internal controls within a company to oversee the fraud risk process. The audit committee has primary responsibility to provide oversight of management's fraud risk assessment process and design antifraud controls they feel are required.

D.

Management has primary responsibility to design the antifraud programs to prevent fraud, and design the internal control processes that provide oversight to help prevent employee fraud risk. The audit committee has primary responsibility to implement the antifraud programs to detect fraud, and oversee management's designs and processes they implement.