Which entity is responsible for assessing and reporting on the effectiveness of internal controls under Section 404?

Which entity is responsible for assessing and reporting on the effectiveness of internal controls under Section 404?

• A. Only the audit committee assesses internal controls.
• B. The board of directors certifies the financial statements.
• C. Management and external auditor assess and report on internal control effectiveness.
• D. Regulators perform the internal control assessment.

Answer: (C)