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Question: 9. The responsibility of the management for the preparation and fair presentation of the financial statements includes all of the following except: a. designing, implementing and maintaining internal control that prevents collusion among employees. b. selecting appropriate accounting policies. c. applying appropriate policies. d. making accounting estimates that are reasonable in the circumstances
a. Designing, implementing and maintaining internal control that prevents collusion among employees. While this is an important aspect of management, it does not directly relate to the preparation and fair presentation of financial statements. The other options involve more directly dealing with the financial reporting process and are thus responsibilities of the management.
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