1. What are the two major reasons an auditor needs to assess internal controls over financial reporting (ICFR)? If you identify three reasons, drop the fraud reason.
2. ICFR implies that there are other categories of internal control besides over financial reporting. What are the other two?
3. What is the name of the organization that sets internal control standards in the U.S.? Relate something interesting about the organization. Cite, reference, and attach your sources. Hint: the answer is not PCAOB.
4. The years 1977 and 2002 were pivotal in the development of internal controls in the U.S. What happened in those years? (2002 was covered in an earlier assignment; for 1977 you will have to do some creative research and googling). Cite, reference, and attach your sources.