At the SEC Web site, obtain Management's Report on Internal Control provided by Powell Industries, Inc. for

Question:

At the SEC Web site, obtain Management's Report on Internal Control provided by Powell Industries, Inc. for the year end September 30, 2011.

a. Identify the material weaknesses that management described in its report on internal control.

b. Why would management consider these deficiencies to be material weaknesses?

c. The report notes that misstatements in the financial statements had been identified. Are misstatements necessary for management to conclude that a control deficiency is a material weakness? Explain.

d. What process would Powell's management have gone through to identify these material weaknesses?

Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...