Response to the following questions:
1. Describe the three broad objectives management has when designing effective internal control.
2. Describe which of the three categories of broad objectives for internal controls are considered by the auditor in an audit of both the financial statements and internal control over financial reporting.
3. Section 404(a) of the Sarbanes-Oxley Act requires management to issue a report on internal control over financial reporting. Identify the specific Section 404(a) reporting requirements for management.