- Include a link to your annual report and attach it to your post.
- Sarbanes-Oxley requires companies and their auditors to report on the effectiveness of internal controls. These reports are required as part of the Annual Report that you reviewed. Please locate the discussion on internal controls in your report:
- Who prepared the report for your company, and what is that person’s role in the company?
- Did the company find that its internal controls were effective?
- For your company only:
- Discuss one of the objectives of internal control (see Exhibit 3 in your textbook) and relate one of these objectives to your company and please address why would your company want to make sure it focuses on internal control objectives? In other words, what could happen to expensive assets if you don’t focus on internal control objectives? Informational losses? What would happen if a company violates a particular law/regulation specific to that company?
- Discuss one of the elements of internal controls (see Exhibit 4 in your textbook) and relate one of these elements to your company. For example, discuss a monitoring activity that your company might implement to prevent fraud.
Discussion #2: Annual Reports, Sarbanes-Oxley, and Reporting On the Effectiveness of Internal Controls
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