Financial Statement Analysis Project -
Part 1 - Exam with Verified Detailed
Answers
According to the auditors, what did the audit of financial
statements include? -
correct answer ✅It included examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements.
What does IBM's Audit Committee do periodically? -
correct answer ✅They review accounting, auditing, internal
control structure and financial reporting matters.
What is the name of IBM's independent public accountant's firm
(outside auditor or the outside CPA firm)? -
correct answer ✅PricewaterhouseCoopers
What does IBM do to assure the effectiveness of their system of
internal control? -
correct answer ✅IBM carefully selects and trains its employees,
develops and disseminates written policies and procedures.
Who is responsible for the integrity of the financial statements? -
correct answer ✅IBM Management
Part 1 - Exam with Verified Detailed
Answers
According to the auditors, what did the audit of financial
statements include? -
correct answer ✅It included examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements.
What does IBM's Audit Committee do periodically? -
correct answer ✅They review accounting, auditing, internal
control structure and financial reporting matters.
What is the name of IBM's independent public accountant's firm
(outside auditor or the outside CPA firm)? -
correct answer ✅PricewaterhouseCoopers
What does IBM do to assure the effectiveness of their system of
internal control? -
correct answer ✅IBM carefully selects and trains its employees,
develops and disseminates written policies and procedures.
Who is responsible for the integrity of the financial statements? -
correct answer ✅IBM Management
