The financial statements of Shoppers Drug Mart are presented in Appendix A at the end of this book. Two reports are presented at the beginning of this appendix: a management report and a report from the independent auditors.
Instructions
(a) What comments, if any, about the company's system of internal control are included in management's report? In the independent auditor's report?
(b) Who is primarily responsible for the system of internal control-management or the auditors? Explain the responsibility of each with regard to internal control.
(c) Who is primarily responsible for the preparation and presentation of the financial statements? In which report(s) are these responsibilities identified?