ACCTG 101 Lecture Notes - Lecture 27: Financial Statement, Income Statement, Current Liability
Document Summary
Corporate annual reports: corporations normally issue annual reports to their stockholders and other interested parties. Such reports summarize the corporation"s operating activities for the past year and plans for the future. A major component of annual reports are the financial statements and accompanying notes: in order to enhance investor confidence, the publicly held corporations are subject to a number of requirements with respect to their financial statements. All publicly held corporations are required to have an independent audit (examination) of their financial statements. Certified public accountants are responsible for conducting these audits and rendering an opinion on the extent to which the financial statements are presented in accordance with appropriate accounting standards. In addition, the independent auditor must provide an additional report attesting to management"s assessment of internal control: the management discussion and analysis (md&a) is a required disclosure within the annual report filed with the securities and exchange commission.
