2. Locate the management report(s) and the independent auditor's report: a. List the page numbers on which this is found (it should match the number listed on the table). b. Answer the following questions: i. Who is responsible for the preparation and integrity of the financial ii. iii. iv. V. vi. statements? Does the company maintain a system of internal controls? Why? Summarize their system of internal controls: Does the company have an audit committee? What is the purpose of the audit committee? What is the name of the independent public accountant (auditor)?

2. Locate the management report(s) and the independent auditor's report: a. List the page numbers on which this is found (it should match the number listed on the table). b. Answer the following questions: i. Who is responsible for the preparation and integrity of the financial ii. iii. iv. V. vi. statements? Does the company maintain a system of internal controls? Why? Summarize their system of internal controls: Does the company have an audit committee? What is the purpose of the audit committee? What is the name of the independent public accountant (auditor)?

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter8: Fraud, Internal Controls, And Cash

Section: Chapter Questions

Problem 4MC: Which of the following is not considered to be part of the internal control structure of a company?...

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Accounting 20. Below is an internal control associated with some financial statement audit cycle that the auditors identified for one of their clients. Indicate the control activity that is being considered in question bonder this case. "The president of the company signs the checks once he compares the drawn check against the documents that substantiate the disbursement (underlying documents)." a. Segregation of tasks (adequate separation of duties) b. Adequate documents and records c. Physical controls over assets and records (physical controls) d. Proper authorization of transactions and activities
Please answer
Which of the following is NOT a requirement in management’s report on the effectiveness of internal controls over financial reporting?a. A statement of management’s responsibility for establishing and maintaining adequate internal control user satisfaction. b. A statement that the organization’s internal auditors have issued an attestation report on management’s assessment of the company’s internal controls. c. A statement identifying the framework management uses to conduct its assessment of internal controls. d. An explicit written conclusion as to the effectiveness of internal control over financial reporting.