Review the annual report for Dell Computers in the chapter.
a. What audit opinion did the auditor give Dell on the financial statements?
b. What was the audit report on the effectiveness of internal control over finan cial reporting?
c. Why is the same auditor required to issue reports on the financial statements and internal controls over financial reporting?
d. What is the auditors' responsibility for the financial statements and for internal controls over financial reporting?
e. What standard do the auditors use to determine whether the financial state ments are materially misstated?
f. What standard do the auditors use to evaluate the internal controls over finan cial reporting?
g. Are these standards known to outside readers of the financial statements?
h. What are the limitations of internal controls?
i. What benefit should effective internal controls over the financial reporting process provide to outside readers of the financial statements?
j. What should outside readers of the annual report conclude regarding the accu racy of the financial statements and the effectiveness of internal controls over financial reporting after reading the audit reports? 28. General Mills