Review the audit reports for General Mills found in the chapter. a. How do the General Mills

Question:

Review the audit reports for General Mills found in the chapter.
a. How do the General Mills reports differ from those for Dell Computers?
b. What audit opinion did General Mills receive on the
c. Describe the explanatory paragraphs in the General Mills report. Why are they included in the
d. What was the on the effectiveness of internal control over finan cial reporting?
e. What is management's responsibility for the and for inter nal controls over financial reporting?
f. What standard do the auditors use to determine whether the financial state ments are materially misstated?
g. What standard do the auditors use to evaluate the internal controls over finan cial reporting?
h. What are the limitations of internal controls?
i. What benefit should effective internal controls over the financial reporting process provide to outside readers of the
j. What should outside readers of the annual report conclude regarding the accu racy of the and the effectiveness of internal controls over financial reporting after reading the audit reports?

Audit Report
The audit report is issued by a certified public accountant who is appointed by the shareholders to provide assurance upon the truth and fairness of the financial statements prepared by the managers of the company. Audit report contains the... Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...