Publicly traded corporations are required to have their financial statements audited by an independent auditor. The Canadian Securities Administrators National Instrument 52-109 Certification of Disclosure in Issuers' Annual and Interim Filings requires the chief executive officer (CEO) and chief financial officer (CFO) of a corporation to certify that they have evaluated the effectiveness of the company's internal control over financial reporting. Why would the CEO and CFO be responsible for certifying the effectiveness of the controls and not the independent auditor?
Answer to relevant Questions1. Journalize the entries to record the following: a. Cheque No. 732 is issued to establish a petty cash fund of $800. b. The amount of cash in the petty cash fund is now $294. Cheque No. 857 is issued to replenish the fund, ...Courtney Linge has recently been hired as the manager of Jittery Jim's Coffee. Jittery Jim's Coffee is a national chain of franchised coffee shops. During her first month as store manager, Courtney encountered the following ...During 2015, Copper Coal Inc. has monthly cash expenses of $275,000. On December 31, 2015, the cash balance is $1,787,500. a. Compute the ratio of cash to monthly cash expenses. b. Based on a. what are the implications for ...The Green Box Company has just received its September bank statement from Example Bank. You gather the following information to prepare the September 30, 2015, bank reconciliation. SEPTEMBER BANK STATEMENT: CASH ACCOUNT ...Jocelyn is the owner of Jocelyn's Thai Food. She has a policy that all payments must be made by cheque, and she is the only person authorized to sign the cheques. Jocelyn is planning a two-week holiday and is very concerned ...
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