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#cfa-level-1 #reading-22-financial-statement-analysis-intro
Although management has always been responsible for maintaining effective internal control, the Sarbanes–Oxley Act greatly increases management’s responsibility for demonstrating that the company’s internal controls are effective
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3.1.7. Auditor’s Reports
a paragraph in the opinion related to the financial statements. The internal control system is the company’s internal system that is designed, among other things, to ensure that the company’s process for generating financial reports is sound. <span>Although management has always been responsible for maintaining effective internal control, the Sarbanes–Oxley Act greatly increases management’s responsibility for demonstrating that the company’s internal controls are effective. Management of publicly traded companies in the United States are now required by securities regulators to explicitly accept responsibility for the effectiveness of internal control, ev


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