External auditors are responsible for a company's system of internal controls. True or False?

False, a system of internal control consists of policies and procedures designed to provide management with reasonable assurance that the company achieved its objectives and goals. Management responsibilities to design systems of internal control to accomplish all three objectives which are; 1- Reliability. 2- Efficinceny and Effectiveness of operations. 3- Compliance with law and regulations. External auditors responsibility for company's internal control are; understanding internal control and assessing control risk for an integrated audit of the financial statements and the effectiveness of internal control over financial reporting.

 

TRUE THEY ARE RESPONSIBLE FOR INTERNAL CONTROL SYSTEM OF THE COMPANY. EVENTHOUGH INTERNAL AUDITORS ARE TAKING CARE OF INTERNAL CONTROLS OF THE COMPANY EXTERNAL AUDITORS DUTY TO REVIEW AND ENSURE ADEQUATE INTERNAL CONTROL ARE IN THE COMPANY AND EXTERNAL AUDITORS ARE RESPONSIBLE FOR THAT