Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. discuss the costs and benefits of requiring manage

Discuss the costs and benefits of requiring managers to report on the company's internal controls....

90.2K

Verified Solution

Question

Accounting

image

Discuss the costs and benefits of requiring managers to report on the company's internal controls. Do you think it is necessary for the external auditor to attest to management's report? Why or why not? Determine whether each of the following are costs and benefits for management to report the company's internal controls: 1. For the firm: increased awareness of weak or ineffective controls, which, if corrected, could result in improved operations. 2. Some huge financial outlays. 3. Some disruption of operations to initially document and test the controls. 4. For investors: increased disclosure about a firm's controls. 5. It forces management to take responsibility for the internal controls. Do you think it is necessary for the external auditor to attest to management's report? Why or why not? Having a third party confirmation will Management's report on its internal controls is the firm's certification of the financial report. V the reliability of management's report on internal controls. have no effect on increase

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students