Two reports are attached to Reitmans (Canada) Limited 's financial statements presented in Appendix A of this book (1) Management 's Responsibility for Financial Statements and (2) The Independent Auditors ' Report Instructions (a) What comments, if any, about the company 's system of internal cont...

a Regarding the companys system of internal control the Managements Responsibilities for Financial Statements states that the Company has developed and maintains a system of internal control The repor ...

Two reports are attached to Reitmans (Canada) Limited's financial statements presented in Appendix A of this book:

Question:

Two reports are attached to Reitmans (Canada) Limited's presented in Appendix A of this book:
(1) Management's Responsibility for and
(2) The Independent Auditors' Report.
Instructions
(a) What comments, if any, about the company's system of internal control are included in Management's Responsibility for In the Independent Auditors' Report?
(b) Who is mainly responsible for the Explain.
(c) What is the name of Reitmans' independent auditor? What is its responsibility?
(d) What is an audit committee and how does it help the external auditors with their responsibilities?
(e) What does Reitmans include in its cash and cash equivalents? By how much did cash and cash equivalents decrease during the current fiscal year? By looking at the statement of cash flows, what were the two biggest uses of cash during the current fiscal year?
Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...