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Internal%20Control%20Evaluation%20%28October%2019%202011%29

Internal%20Control%20Evaluation%20%28October%2019%202011%29...

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Internal Control over Financial Reporting Tim Bauer ACCY 405 October 19, 2011
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Announcements Final Exam date for ACCY 405 now set Date: Wednesday, December 14, 2011  Location: BIF 2041 & 2043
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Today’s Objectives Understanding how to apply SSA. Revisit Apple. Loblaw Group Talk. Brief Overview of Internal Control over  Financial Reporting.
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Revisiting Apple
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Loblaw Group Talk
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Internal Control over Financial Reporting
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Why Distinguish ICFR? For all public company audits in the US, management is  required to provide an assessment of their ICFR. Further, auditors assess the reasonableness of management’s  assessment & provide their own opinion about ICFR. ICFR comprise the controls most directly related to  financial statement assertions. Auditors’ main responsibilities pertain to assessing the  reasonableness of financial statement assertions made by  management.
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