Study the reports titled Management's Responsibility for Financial Reporting and Report of Independent Registered Public Accounting Firm in Gildan Activewear Inc.'s (Gildan's) 2011 financial statements, given in Appendix A at the end of this book and on MyAccountingLab. Answer the following questions about Gildan's internal controls and cash position:
1. What is the name of Gildan's outside auditing firm? What office of this firm signed the auditor's report? How long after Gildan's year end did the auditors issue their opinion?
2. Who bears primary responsibility for the financial statements? How can you tell?
3. Who bears primary responsibility for internal controls?
4. What standard of auditing did the outside auditors use in examining Gildan's financial statements? By what accounting standards were the statements evaluated?
5. By how much did Gildan's cash position change during fiscal 2011?
6. The cash flow statement (discussed in detail Chapter 17) tells why the change in cash position occurred. Which type of activity-operating, investing, or financing-contributed most to this change?