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MAVERICK [17]
3 years ago
12

Management's assessment of the design and operation of the company's internal controls over financial reporting should be:

Business
1 answer:
kotegsom [21]3 years ago
4 0

Answer:

Management's assessment of the design and operation of the company's internal controls over financial reporting should be:

integrated.

Explanation:

A company's assessment of internal controls over financial reporting should be integrated to focus on the effectiveness of internal controls and the reliability of the financial statements.  The effectiveness of internal controls reduces the risk of fraudulent activities by all internal parties. Similarly, the reliability of the financial statements will ensure public confidence and engender unbiased, error-free, and faithful representation of financial performance and position to aid decision making by market participants.

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A formal report is a concise document containing facts about an investigation and analysis of an issue or event for a specific purpose.

The difference between formal proposals and other formal reports lies mainly in the text.

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Dodd-Frank Act of 2010

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