The Challenges of Accounting: Standards, Internal Control,Audits,Fraud , and Ethics 289 Refer to the Columbia Sportswear Annual Report in Appendix A. You w then read the following reports: Ma nagement's Report on the Consolidated Financial Statements (Item 8) Report of Independent Registered Public Accounting Firm on Consolidated Financial Statements (Item 8) Management's Report on Internal Control Over Financial Reporting (item 9A) Report of Independent Registered Public Accounting Firm on Internal Control over Financial Reporting (Item 9A) Requirements 1. Who is responsible for the information in the annual report? Who is responsible for recommending the independent accountants to the board of directors? 2. Who were the independent auditors? Under what standards did they conduct their audit? What was their opinion of the audited financial statements? 3. Who is responsible for establishing and maintaining adequate internal control over financial reporting? Is the effectiveness of the internal controls ever reviewed? Do you think that internal control procedures are necessary? Why? Do the auditors have any responsibility with respect to the internal controls? What was the auditor's opinion regarding the management assessment of internal con- trol effectiveness? 4. Industry Analysis Purpose: To help you understand and compare the performance of two companies in the same industry Find the Columbia Sportswear Company Annual Report located in Appendix A to the section titled "Design and Evaluation of Internal Control Over Financial F Item 9A starting from the Internet. For instructions on how in Chapter Management on Internal Control Over Financial Reporting." and go eporting" in on page 694. Now access the 2014 Annual Report for Under Armour, Inc., to access the report online, see the Industry Analysis 1 Go to the section in Item 8 on page 48 of the annual report titled "Report of Requirement 1. Compa re the two annual reports as they relate to their disclosure of internal con- trol procedures and the system of internal control