Under the Sarbanes-Oxley Act of 2002, financial statements must include both a Management Assessment and an Assurance Opinion. What information do the Management Assessment and an Assurance Opinion provide to financial statement users?
The Management Assessment makes explicit management's responsibility for not only the financial statements but for the underlying accounting and control system that generates the financial statements.
The Assurance Opinion is provided by the independent auditor and is included with the opinion on the fairness of the amounts reported in the financial statements. The Assurance Opinion provides the auditor's opinion on the effectiveness of the internal control system.
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