ABSTRACT

Introduction Management and auditors have separate, but complementary, responsibilities related to the production and release of audited nancial statements. Management is responsible for preparing the nancial statements, meaning that it decides what information will be included. Management also has the responsibility to implement and maintain an adequate system of documents and records that enable the preparation of the nancial statements. As part of this system, management should implement controls that provide assurance that information (especially nancial reporting information) is being properly captured, recorded, and reported.