Management is responsible for the integrity and objectivity of the financial information included in this report. The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America. Where necessary, the financial statements reflect estimates based on management’s judgment.
a. Who has the responsibility for the financial statements?
b. What is the role of the accountant (auditor) as to the financial statements?
c. Accountants (auditors) are often included as defendants in lawsuits that relate to the financial statements. Speculate as to why this is the case.
d. Why did 3M include the report ?~?~Management’s Report on Internal Control over Financial Reporting’’?