internal controls | Business & Finance homework help

Category: Business & Finance

Title: Internal Controls

Select a Fortune 500 company and locate its most current Annual Report.

Find the table of contents for the Annual Report and read the following:

  • Management’s Assessment of Internal Control over Financial Reporting
  • Report of Independent Registered Public Accounting Firm
  • Report of Independent Registered Public Accounting Firm on Internal Control

Write a paper of no more than 1,400 words answering the following in regard to your company’s internal controls.

  • According to Management’s Assessment of Internal Control over Financial Reporting, who prepared the financial statements for the company and was responsible for the integrity and objectivity of the financial statements and for establishing and maintaining adequate internal controls over financial reporting?
  • Which independent registered accounting firm provided the annual audits for your company?

After reviewing the Report of Independent Registered Public Accounting Firm, answer the following:

  • What specific financial statements did the independent accounting firm audit?
  • Who is responsible for the financial statements, according to the report?
  • According to the report, what is the responsibility of the independent accountant?
  • To what standards did the accounting firm conduct the annual audit?
  • What type of opinion did the independent accounting firm provide for the financial statements (unqualified, qualified, or adverse)?
  • Summarize the opinion of the independent accounting firm as to the financial reports.
  • After reviewing the Report of Independent Registered Public Accounting Firm on Internal Control, answer the following:
  • What organization established the criteria for the internal controls within your company?
  • What responsibilities does your company’s management have in regard to internal control?
  • To what standards did the accounting firm conduct the audit of internal controls over financial reporting?
  • What is the purpose of a company’s internal control over financial reporting?
  • Summarize the opinion of the independent accounting firm of the internal controls over financial reporting at your company.

Format your paper consistent with APA guidelines.

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