The SEC requires the MD&A report as well as the audit attestation on management’s assessment of internal controls. Why was the MD&A report required and how important is this report in facilitating disclosure of financial information? Why is the audit attestation report also an SEC requirement?
The SEC requires the MD&A report as well as the audit attestation on management’s assessment of internal controls. Why was the MD&A report required and how important is this report in facilitating disclosure of financial information? Why is the audit attestation report also an SEC requirement?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
The SEC requires the MD&A report as well as the audit attestation on management’s assessment of internal controls. Why was the MD&A report required and how important is this report in facilitating disclosure of financial information? Why is the audit attestation report also an SEC requirement?
Expert Solution
Step 1
MD&A report means management discussion and analysis report. The MD&A report forms a part of 10k (annual filings). It is a mandatory disclosure required as per SEC and Financial accounting standard board for public companies.
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education