Refer to the Columbia Sportswear Annual Report in Appendix A.You will need to find and then read the following reports:
⢠Managementâs Report on the Consolidated Financial Statements(Item 8)
⢠Report of Independent Registered Public Accounting Firm onConsolidated Financial Statements (Item 8)
⢠Managementâs Report on Internal Control Over Financial Reporting(Item 9A)
⢠Report of Independent Registered Public Accounting Firm onInternal Control over Financial Reporting (Item 9A)
Requirements
1. Who is responsible for the information in the annual report? Whois responsible for recommending the independent accountants to theboard of directors?
2. Who were the independent auditors? Under what standards did theyconduct their audit? What was their opinion of the auditedfinancial statements?
3. Who is responsible for establishing and maintaining adequateinternal control over financial reporting? Is the effectiveness ofthe internal controls ever reviewed? Do you think that internalcontrol procedures are necessary? Why?
4. Do the auditors have any responsibility with respect to theinternal controls? What was the auditorâs opinion regarding themanagement assessment of internal con- trol effectiveness?
NOTE: Go beyond the textbook and search for articles on TheSarbanes Oxley (Section 404). Include what youâve learned from yourresearch in your response to the above questions.
Refer to the Columbia Sportswear Annual Report in Appendix A.You will need to find and then read the following reports:
⢠Managementâs Report on the Consolidated Financial Statements(Item 8)
⢠Report of Independent Registered Public Accounting Firm onConsolidated Financial Statements (Item 8)
⢠Managementâs Report on Internal Control Over Financial Reporting(Item 9A)
⢠Report of Independent Registered Public Accounting Firm onInternal Control over Financial Reporting (Item 9A)
Requirements
1. Who is responsible for the information in the annual report? Whois responsible for recommending the independent accountants to theboard of directors?
2. Who were the independent auditors? Under what standards did theyconduct their audit? What was their opinion of the auditedfinancial statements?
3. Who is responsible for establishing and maintaining adequateinternal control over financial reporting? Is the effectiveness ofthe internal controls ever reviewed? Do you think that internalcontrol procedures are necessary? Why?
4. Do the auditors have any responsibility with respect to theinternal controls? What was the auditorâs opinion regarding themanagement assessment of internal con- trol effectiveness?
NOTE: Go beyond the textbook and search for articles on TheSarbanes Oxley (Section 404). Include what youâve learned from yourresearch in your response to the above questions.
