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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 the responsibility of the management indeed includes designing, implementing, and maintaining internal control, it doesn't specifically revolve around preventing collusion among employees. Collusion prevention is a part of fraud detection and prevention, but not a core responsibility in preparing and presenting financial statements. The other options directly relate to the preparation and presentation of financial statements.
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