What is an audit of internal control over financial reporting?
What will be an ideal response?
For an audit of internal control over financial reporting, management asserts that internal controls have been developed and implemented following well established criteria. Section 404 of the Sarbanes-Oxley Act requires public companies to report management's assessment of the effectiveness of internal control. The Act also requires auditors for larger public companies to attest to the effectiveness of internal control over financial reporting. This evaluation, which is integrated with the audit of financial statements, increases user confidence about future financial reporting, because effective internal controls reduce the likelihood of future misstatements in the financial statements.
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Manitoba's Best is a new precooked meal-in-a-bag product made from bison meat. The company is having difficulty gaining consumer acceptance of its bison products even though bison is high in protein and low in cholesterol, fat, and calories. Those who have tried the meat have agreed that it is as tender and delicious as any choice steak, and it is less expensive. Manitoba's Best should focus on which of the following sales promotion tools?
a. sponsorship b. sampling c. premiums d. in-pack couponing
Office environment is affected by such factors as lighting, color scheme, noise level, and the condition of the air
Indicate whether the statement is true or false.