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Annual reports of public companies will include management$$s discussion and analysis of key aspects of the company$$s business. The purpose of this disclosure is to provide external parties with management$$s insight into certain transactions, events, and circumstances that affect the enterprise, including their financial impact.

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Knowledge Check $01$

Which of the following statements about the annual report are true?

Note: Select all that apply.

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Annual reports of public companies include an assessment of the company$$s internal control procedures.

Annual reports of public companies include an assessment of the company$$s internal control procedures.

The company$$s auditor prepares the financial statements while its management prepares the other information and disclosures required in the annual report.

The company$$s auditor prepares the financial statements while its management prepares the other information and disclosures required in the annual report.

The management$$s discussion and analysis section of the annual report provides an unbiased perspective of a company$$s operations, liquidity, and capital resources.

The management$$s discussion and analysis section of the annual report provides an unbiased perspective of a company$$s operations, liquidity, and capital resources.

The proxy statement contains disclosures on compensation to directors and executives.

The proxy statement contains disclosures on compensation to directors and executives.