Management Disclosures on Internal Control in Annual Reports- A Study on Banking Sector: Bangladesh Perspective

Anup Kumar Saha, S.M. Arifuzzaman


Even though no regulations require, public limited companies include management reports regarding internal controls in annual reports. Accountants and auditors are in a good position to suggest what degree of reporting is appropriate as they are directly involved in auditing financial statements and reviewing internal controls. This is a unique opportunity for management to discuss issues and concerns not communicated elsewhere in the annual report. From the very beginning there is a growing consensus as to what the content should include: financial statement presentation; purpose, nature and components of internal controls; roles of internal audit, independent auditor and audit committee. A significant number of companies studied acknowledge that “the systems are designed to provide only a reasonable assurance of meeting stated objectives.” If independent auditor’s attestation of such management reports were required; such a mandate would have a significant impact on roles of both the independent auditor and management.

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International Journal of Economics and Finance  ISSN  1916-971X (Print) ISSN  1916-9728 (Online)

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