Final answer:
Option D, obtaining the auditor's assessment, is not an element of management's internal control assessment process, which includes identifying risks, deciding on locations and units to evaluate, and evaluating evidence of ICFR effectiveness.
Step-by-step explanation:
The correct answer to the question about which of the following is not an element of management's assessment process for the effectiveness of internal control is D) Obtaining the auditor's assessment of the internal control effectiveness. This is because management's assessment process is distinct from the auditor's assessment, which is independently performed after management has completed its own evaluation. Management is responsible for the following:
- A) Identifying financial reporting risks and related controls.
- B) Determining the locations and business units to include in the evaluation.
- C) Evaluating evidence about the operating effectiveness of Internal Control over Financial Reporting (ICFR).
The auditor's role is then to independently verify and opine on the adequacy of management's assessment.