The external auditor reviews management’s report and makes an independent

evaluation as part of an integrated audit of internal controls and financial

statements. The auditor issues separate reports that provide “reasonable
assurance”: The auditor’s internal control report provides reasonable assurance
concerning whether the company maintained, in all material respects, effective
internal control over financial reporting. The audit report provides reasonable
assurance concerning whether the financial statements fairly present financial
position, results of operations, and changes in cash flows.