Question: What two items should management's internal control report contain?

What two items should management's internal control report contain?

Step by Step Solution

★★★★★

3.33 Rating (180 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock

A report on internal control should contain the following two things 1 A ... View full answer

blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Document Format (1 attachment)

Word file Icon

497-B-A-C-R (2997).docx

120 KBs Word File

Students Have Also Explored These Related Accounting Questions!

Q:

What two aspects of internal control must management assess when reporting on internal control to comply with Section 404 of the Sarbanes-Oxley Act?

Q:

Items 1 through 10 present various internal control strengths or internal control deficiencies. 1. Credit is granted by a credit department. 2. Once shipment occurs and is recorded in the sales...

Q:

What is the audit report on internal control over the financial reporting process? When is this report issued? What are auditors responsibilities in preparing it?

Q:

Need help with these multiple choice questions for internal audit final exam. Due in 2 hours. QUESTION 1 RsQ_004Without management direction and assumption of responsibility, it would be...

Q:

After reading the following listed articles on SOX reporting for this week, provide a critique of SOX. In your opinion, do the benefits of SOX outweigh its Cost? Legislated Ethics: From Enron to...

Q:

LONG-LIVED ASSETS Refer to the notes to the financial statements.The first note, "Summary of Significant Accounting Policies," should provide information about the company's depreciation and...

Q:

LONG-LIVED ASSETS Refer to the notes to the financial statements.The first note, "Summary of Significant Accounting Policies," should provide information about the company's depreciation and...

Q:

Which of the following carries the primary responsibility for promoting effective functioning, ethical conduct, and professional behavior throughout the company? O CEO O Management O Board of...

Q:

Research various global financial services organizations (for example, UBS AG, E-Trade, Schwab, ING, Bank of America, HSBC, RBS) through their company websites and other publicly available...

Q:

hI, i REALLY NEED HELP WITH THIS PROJECT. Exercise: Research various global financial services organizations (for example, UBS AG, E-Trade, Schwab, ING, Bank of America, HSBC, RBS) through their...

Q:

Explain the differences among the various types of tenancies of real property.

Q:

The Central and Southeast Power Company of Mobile, Alabama, is considering a new power plant that will allow it to switch between gas and oil. The company has a contract to provide it with gas for $...

Q:

10. Driving with Cell Phones. The Bureau of Transportation Statistics Omnibus Household Survey is conducted annually and serves as an information source for the U.S. Department of Transportation. In...

Q:

The employer was in the business of trans porting developmentally disabled adults and children from their homes and care providers to various day-care centers and schools. Over a three-year period,...

Q:

The debits and credits from two transactions are presented in the following supplier's (creditor's) account: NAME Carnation Inc. ADDRESS 5000 Grand Ave. Describe each transaction and the source of...

Q:

The debits and credits from two transactions are presented in the following supplier's (creditor's) account: NAME Da Vinci Computer Services Inc. ADDRESS 2199 Technology Avenue Describe each...

Q:

The state of Ohio has a 5.5% sales tax. Buckeye Services Inc., an Ohio company, had two revenue transactions as follows:Aug. 7. Issued Invoice No. 121 to Manly Inc. for services provided on account,...

Q:

Use following information to calculate Net Operating Profit After Tax (NOPAT) for Walmart for 2011: A. $16,487 B. $17,222 C. $29,435 D. $13,987 E. $12,976 WALMART INCOME STATEMENT 2010 TOTAL REVENUES...

Q:

Please show cell references/formulas. Thank you. Suppose that in January 2006, Kenneth Cole Productions had EPS of $1.65 and a book value of equity of $12.05 per share. Complete the steps below using...

Q:

5. MO Ltd. is considering a five-year project to expand its production efficiency. Building a new plant for $1,000,000 at the beginning of the project is estimated to result in annual sales quantity...