Final answer:
The PCAOB states that the entity's CEO and/or CFO are responsible for the reliability of internal controls over financial reporting, with oversight from the board of directors and assessment provided by external auditors.
Step-by-step explanation:
According to the Public Company Accounting Oversight Board (PCAOB), the individuals primarily responsible for the reliability of the internal controls over financial reporting of an entity are the entity's Chief Executive Officer (CEO) and/or Chief Financial Officer (CFO). It's the duty of the company's top executives to ensure that internal controls are reliable and can accurately track the financial activities of the company. The entity's board of directors is responsible for providing oversight to these executives, and the external auditor is tasked with reviewing the financial records and providing an independent assessment of the financial statements and internal controls. However, the day-to-day responsibility lies with the CEO and CFO.