Internal Controls

Examine the importance of the audit committee oversight related to the quality of the internal controls of an organization. Analyze the audit committees responsibilities regarding risk assessment and internal control monitoring. Indicate whether the audit committee is the best entity to perform the function.

Contrast the opinion provided by the independent auditor concerning managements assessment of internal controls over the financial reporting system with the audit opinion on the financial statements in general. Argue for providing both a qualified opinion over the financial reporting system and an unqualified opinion on the financial statements.