What information must be included in management’s report on internal control over financial reporting in the annual report filed with the Securities and Exchange Commission?
Answer to relevant QuestionsDescribe the difference between a significant deficiency and a material weakness in internal control.When performing an integrated audit, auditors should identify significant accounts and disclosures. What makes an account significant? What factors should be considered in deciding whether an account is significant?Tests of controls are ordinarily performed for both financial statement audits and internal control audits.a. What is the objective of tests of controls when performed for internal control audits?b. What is the objective of ...Identify management’s four overall responsibilities with respect to internal control over financial reporting that arise due to the Securities and Exchange Commission’s implementation of the Sarbanes-Oxley Act of 2002.Describe the requirements involved when auditors are engaged to report on whether a previously reported material weakness continues to exist.
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