Question - Select a United States based company, and go its website. Review management's report on its assessment of internal controls and the auditor's report on the integrated audit. What type of opinion did the auditor give on the internal controls over financial reporting and the financial statements?
What does, "All internal control systems, no matter how well designed, have inherent limitations. Therefore, even a system determined to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation," mean to you? This paragraph is not required. Was it present in the report that you reviewed? Do you think it should be required? Why or Why not?
Your answer must be in your own words.
Approximate length: 1 to 2 double -spaced pages.