Which of the following statements about managerial accounting is false?

Financial accounting is based on reliable, historical information, while managerial accounting is based on relevant, forward-looking information.

The Chief Operating Officer is responsible for managing financial risk within an organization, and both the Treasurer and the Controller typically report up to the COO.

Managerial accounting is focused on reporting the results of segments within a business, while financial reporting is focused on reporting the results of the consolidated company as a whole.

External auditors are used to verify the reliability of financial information to the investing public.