1. Public companies are expected both to improve their processes and procedures for monitoring the operation of controls, and to make more use of control self-assessments. Management also plays a role...

1. Public companies are expected both to improve their processes and procedures for monitoring the operation of controls, and to make more use of control self-assessments. Management also plays a role as part of internal control itself. How should these factors affect the auditor’s evaluation of management’s assessment?

2. It has been stated that information technology systems are an essential part of the overall financial reporting process. Discuss the place of information technology within the organization and how it contributes to an effective system of internal control over financial reporting.