Which of the following best describes the function of a board of directors?

The function of a board of directors is fundamentally centered around governance and oversight of the company, which includes ensuring that the organization adheres to legal and regulatory requirements, particularly in the realm of financial reporting. This responsibility ensures that the company's financial statements are accurate, transparent, and comply with the relevant financial reporting standards. By ensuring compliance, the board helps maintain the integrity of the financial reporting process, which is critical for stakeholders such as investors, regulators, and the public, as it affects decision-making and trust in the organization.

Boards do indeed play a role in assessing the company's compliance and may review and oversee the financial reporting process to ensure that the policies and procedures are robust and effective. Adhering to these standards helps safeguard shareholder interests and upholds the company's reputation in the market.