1 answer

-- - - - The Company's management is responsible for establishing and maintaining adequate internal control...

Question:

-- - - - The Companys management is responsible for establishing and maintaining adequate internal control over financial reManagements Responsibility for Consolidated Financial Statements Management is also responsible for the preparation and conte

-- - - - The Company's management is responsible for establishing and maintaining adequate internal control over financial reporting. The Company's internal control over financial reporting is a process designed under the supervision of its Chief Executive Officer and Chief Financial Officer to provide reasonable assurance regarding the reliability of financial reporting and the preparation of the Company's financial statements for external reporting in accordance with accounting principles generally accepted in the United States of America. Management evaluates the effectiveness of the Company's internal control over financial reporting using the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission in Internal Control- Integrated Framework (2013). Management, under the supervision and with the participation of the Company's Chief Executive Officer and Chief Financial Officer, assessed the effectiveness of the Company's internal control over financial reporting as of December 31, 2019, and concluded it is effective.
Managements Responsibility for Consolidated Financial Statements Management is also responsible for the preparation and content of the accompanying consolidated financial statements as well as all other related information contained in this annual report. These financial statements have been prepared in conformity with accounting principles generally accepted in the United States, and necessarily include amounts, which are based on management's best estimates and judgments. Required a. What are the purposes of the two parts of the report of management? b. What is the auditor's responsibility related to the report of management?

Answers

Answer To Question a

The purpose of first part of the report of management is for management to state its responsibilities for the internal control over financial reporting. The second part of the report states management's responsibility for the fair representation of the financial statements.

Answer To Question b

The auditor's responsibility is to express an opinion on the fairness of presentation of financial statements and an opinion on the effectiveness of internal control over financial reporting.

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