Auditing & Assurance Services: A Systematic Approach (Irwin Accounting)
Auditing & Assurance Services: A Systematic Approach (Irwin Accounting)
10th Edition
ISBN: 9780077732509
Author: William F Messier Jr, Steven M. Glover Associate Professor, Douglas F. Prawitt Associate Professor
Publisher: McGraw-Hill Education
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Chapter 7, Problem 7.1RQ
To determine

Concept Introduction:

It is the responsibility and duty of management to ensure that requirements of the Section 404 and other requirements of Sarbanes-Oxley Act of 2002 is to be complied with and cannot be delegated. Many of the activities are to be done by the Internal auditors in supporting the organization like project oversight, project audit etc.

To discuss: The management and auditor’s basic responsibilities under Section 404 of Sarbanes-Oxley Act of 2002.

Expert Solution & Answer
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Explanation of Solution

The management responsibilities are:

  1. The Evaluation is to be supported by giving sufficient evidences which can include the documentations also.
  2. The effectiveness of the entity’s ICFR to be evaluated using the most suitable criteria.
  3. The Assessment of Effectiveness of entity’s ICFR in a written manner to be present in end of entity’s most recent fiscal year.

The Auditor’s responsibilities are:

  1. The Auditor should take reasonable assurance about the effective internal controls that the entity maintained by conducting audit.
  2. The Auditor has to give an opinion on effectiveness of entity’s internal control over the financial reporting.

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