2. REVIEW THE CHAIRMANS LETTER TO THE SHAREHOLDERS FOR Microsoft 2021

Summarize the major points made in the letter. Use complete sentences and well-organized paragraphs, your summary should be no less than 100 words and no more than 350 words in length.

Page(s) on which letter appears (make sure it matches the page number listed above): _____

Locate the management report(s) and the independent auditors report(s). Page(s) _________

Answer the following questions.

a) Who is responsible for the preparation and integrity of the financial statements?

b) Does the company maintain a system of internal controls? Why?

Summarize their system of internal controls:

c) Does the company have an audit committee? ______

What is its purpose of the audit committee?

d) What is the name of the independent public accountant (auditor)?

(Note: There are two independent auditors reports: (1) a report on internal control and (2) a report on the financial statements. The following questions relate to the financial statement audit.)

e) According to the auditors report on the financial statements, what is the auditors responsibility?

f) According to the audit report, what is an audit?

g) Summarize the auditors opinion.