What is the primary responsibility of management regarding internal controls?

Management's primary responsibility regarding internal controls is to establish and maintain internal control frameworks. This involves creating a robust set of procedures and policies that safeguard assets, ensure the integrity of financial reporting, and promote compliance with laws and regulations. A well-defined internal control framework helps in mitigating risks and achieving operational objectives.

By establishing these frameworks, management ensures that the organization can effectively manage its resources and minimize the potential for errors or fraud. This proactive approach is essential for maintaining the trust of stakeholders and ensuring the long-term success of the organization.