all annual financial reports must include an internal control report stating that management is responsible for an “adequate” internal control structure, and an assessment by management of the effectiveness of the control structure. in addition, registered external auditors must attest to the accuracy of the company management assertion that internal accounting controls are in place, operational and effective.
the commission shall prescribe rules requiring each annual report required by section 13(a) or 15(d) of the securities exchange act of 1934 to contain an internal control report, which shall– (1) state the responsibility of management for establishing and maintaining an adequate internal control structure and procedures for financial reporting; and (2) contain an assessment, as of the end of the most recent fiscal year of the issuer, of the effectiveness of the internal control structure and procedures of the issuer for financial reporting. with respect to the internal control assessment required by subsection (a), each registered public accounting firm that prepares or issues the audit report for the issuer shall attest to, and report on, the assessment made by the management of the issuer. an attestation made under this subsection shall be made in accordance with standards for attestation engagements issued or adopted by the board.
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