CGMA TOOLS

Audit committee toolkit:

Internal control checklist

Guidelines for the

audit committee
Two of the world’s most prestigious accounting bodies, AICPA and
CIMA, have formed a joint venture to establish the Chartered Global
Management Accountant ® (CGMA®) designation to elevate and
build recognition of the profession of management accounting. This
international designation recognises the most talented and committed
management accountants with the discipline and skill to drive strong
business performance. CGMA designation holders are either CPAs with
qualifying management accounting experience or associate or fellow
members of the Chartered Institute of Management Accountants.
CONTENTS

Introduction 2

Internal control overview 3

Internal control effectiveness 4

Roles and responsibilities 5

Internal Control Over Financial Reporting (ICFR) 7

Conclusion 8

Internal control — checklist of COSO essentials for the board 9

INTRODUCTION
The creation of an effective audit committee is an important way of enhancing organisational
governance and oversight, and it can help reinforce developing the proper “tone at the top.”
A key factor to ensuring good governance is dependent upon the audit committee’s effectiveness
in executing both its prescribed and regulated responsibilities as well as its best practice duties.

The board of directors is responsible for overseeing
management’s development of an effective system of
internal controls. Internal control frameworks are
important tools for designing and implementing internal
controls as well as assessing the effectiveness of the
system. The frameworks provide management with a
foundation to build internal control systems and provide
the board with an added ability to oversee internal
control.
A widely used framework is the Committee of
Sponsoring Organisations of the Treadway Commission
(COSO) Internal Control – Integrated Framework. The
COSO Framework has become widely used by U.S.
and foreign companies, both public and private, as
well as not-for-profit and government organisations.
Originally issued in 1992, the COSO Framework was
updated and re-published in 2013 to reflect consideration
of the dramatic changes in business and operating
environments since its original release. The framework
provides an updated and comprehensive principles-based
approach to understanding internal control.
This CGMA tool was derived from Chapter 9 of the
AICPA Audit Committee Toolkit for Private Companies,
2nd Edition, which was published in 2014. The tool is
intended to provide boards, governing bodies and audit
committees basic information about internal control. A
checklist is provided to help audit committee members
engage with management regarding the development
and maintenance of internal control systems.

INTERNAL CONTROL OVERVIEW

The COSO Framework defines internal control as “a process,
affected by an entity’s board of directors, management and
other personnel, designed to provide reasonable assurance
regarding the achievement of objectives relating to operations,
reporting and compliance.”
The COSO Framework sets forth three categories of
objectives:
2. R
 eporting Objectives pertain to internal and
external financial and non-financial reporting and
may encompass reliability, timeliness, transparency,
or other terms as set forth by regulators, standard
setters, or the entity’s policies.
3. C
 ompliance Objectives pertain to adherence to
laws and regulations to which the entity is subject.

1. Operations Objectives pertain to the effectiveness

and efficiency of the entity’s operations, including
operational and financial performance goals, and
safeguarding assets against loss.

2 AUDIT COMMITTEE TOOLKIT: INTERNAL CONTROL CHECKLIST

The COSO Framework states that internal control
consists of five interrelated components as follows:
1. Control environment. The control environment
is the set of standards, processes and structures that
provide the basis for carrying out internal control
across the organisation. The board of directors and
senior management establish the tone at the top
regarding the importance of internal control and
expected standards of conduct.
2. R
 isk assessment. Risk assessment involves a
dynamic and iterative process for identifying and
analysing risks to achieving the entity’s objectives,
forming a basis for determining how risks should be
managed. Management considers possible changes
in the external environment and within its own
business model that may impede the ability to
achieve its objectives.
The five components of internal control, along with
17 corresponding principles representing the fundamental
concepts associated with components, are linked
together, forming an integrated system that can react
dynamically to changing conditions. The internal control
system is intertwined with the organisation’s operating
activities, and is most effective when controls are built
into the organisation’s infrastructure, becoming part of
the very essence of the organisation.
This tool is intended to provide guidance to audit
committees to achieving effective internal control over
financial reporting. The concepts are not complex, but
sometimes the application of internal control can be a
challenge in an organisation, depending on its size and
the corporate culture. The audit committee plays an
important role in establishing an appropriate control
environment or the tone at the top of the organisation.

3. C
 ontrol activities. Control activities are the While the objective of reliable financial reporting
actions established by policies and procedures to may be paramount for the audit committee of any
help ensure that management directives to mitigate organisation, an effective internal control system
risks related to the achievement of objectives are also encompasses compliance, operational, and
carried out. Control activities are performed at all non-financial reporting objectives. An integrated process
levels of the entity and at various stages within that includes all five components of the internal control
business processes, and throughout the technology framework and its 17 principles working together is the
environment. primary means of having reasonable assurance that
4. I nformation and communication. Information is these important goals are being met. Simply stated,
necessary for the entity to carry out internal control a strong system of internal control, both in its design
responsibilities in support of achievement of its and operation, is good business.
objectives. Communications occur both internally
and externally, and provide the organisation with
the information needed to carry out day-to-day
controls. Communication enables personnel to
understand internal control responsibilities and
their importance to the achievement of objectives.
5. Monitoring activities. Ongoing evaluations,
separate evaluations, or some combination of the
two are used to ascertain whether each of the five
components of internal control, including controls
to affect the principles within each component, is
present and functioning. Findings are evaluated
and deficiencies are communicated in a timely
manner, with serious matters reported to senior
management and to the board.

3 AUDIT COMMITTEE TOOLKIT: INTERNAL CONTROL CHECKLIST

INTERNAL CONTROL EFFECTIVENESS

Internal control can be judged as effective if the board 2. Reporting — The organisation prepares reports in
of directors and management has reasonable assurance conformity with applicable laws, rules, regulations,
of the following: and standards established by legislators, regulators and
standard setters, or with the entity’s specified objectives
1. Operations — The organisation achieves effective and
and related policies.
efficient operations when external events are considered
unlikely to have a significant impact on the achievement 3. Compliance — The organisation complies with
of objectives or when the organisation can reasonably applicable laws, rules, and regulations.
predict the nature and timing of external events and
mitigate the impact to an acceptable level. The
organization understands the extent to which
operations are managed effectively and efficiently when
external events may have a significant impact on the
achievement of objectives, and the impact cannot be
mitigated to an acceptable level

What internal control cannot do

As important as an internal control structure is to an organisation, an effective system is not a guarantee
that the organisation will be successful. An effective internal control structure will keep the right people
informed about the organisation’s progress (or lack of progress) in achieving its objectives, but it cannot
turn a poor manager into a good one. Internal control cannot ensure success, or even survival.
Internal control is not an absolute assurance to management and the board that the organisation has
achieved its objectives. It can only provide reasonable assurance, due to limitations inherent in all
internal control systems. For example, breakdowns in the internal control structure can occur due to
simple error or mistake, as well as faulty judgments that could be made at any level of management.
In addition, controls can be circumvented by collusion or by management override. Otherwise, effective
internal controls cannot be relied upon to prevent, detect, or deter fraudulent financial reporting
perpetrated by senior management. The audit committee must evaluate whether there are oversight
mechanisms in place and functioning that will prevent, deter, or detect management override
of internal controls.

4 AUDIT COMMITTEE TOOLKIT: INTERNAL CONTROL CHECKLIST

ROLES AND RESPONSIBILITIES
Everyone in the organisation has some role to play
in the organisation’s internal control system.
Board of directors and audit
committee
The board of directors and the audit committee are
responsible for overseeing the system of internal control,
and play a key role in setting expectations about integrity
and ethical values, transparency, and accountability for
the performance of internal control responsibilities. Board
members should be objective, capable and inquisitive,
with a willingness to commit the time necessary to fulfill
their governance responsibilities. This is particularly
important when the organisation is controlled by an
executive or management team with tight reins over the
organisation and the people within the organisation.
The board should recognise that its scope of oversight
of the internal control system applies to all three major
areas of control: operations, reporting, and compliance.
The audit committee plays a critical oversight role in
the reliability of the financial statements, the system of
internal control over financial reporting and the processes
in place to design, implement, and monitor the company’s
broader system of internal control. Audit committee
members should understand how management is carrying
out its internal and external reporting responsibilities
and verify that timely corrective actions are taken,
as necessary.
5 AUDIT COMMITTEE TOOLKIT: INTERNAL CONTROL CHECKLIST
Senior management
Senior executives lead key operating units and business
enabling functions and are a key influence on the design and
implementation of internal controls that address
related objectives.
CEO — The CEO has ultimate responsibility and ownership
of the internal control system, with accountability to the
board of directors. The individual in this role sets the tone at
the top that affects the integrity and ethics and other factors
that create the positive control environment needed for
the internal control system to thrive. The CEO maintains
visibility and control over the risks facing the entity, and
reviews deficiencies that affect the system of internal control.
The day-to-day design and operation of the control system
is delegated to other senior managers in the company, under
the leadership of the CEO.
CFO — Much of the internal control structure flows through
the accounting and finance area of the organisation under
the leadership of the CFO. In particular, controls over
financial reporting fall within the domain of the chief
financial officer. The audit committee should use interactions
with the CFO as one of several important factors in the
basis for their comfort level on the completeness, accuracy,
validity and maintenance of the system of internal control
over financial reporting.
Business enabling functions
Certain functions exist to support the organisation
through specialised skills such as finance, risk
management, information technology and human
resources. These functions also monitor trends, provide
guidance, and keep the organisation informed of relevant
requirements as important internal controls. Coordination
and sharing of issues among these functions help the
organisation achieve its objectives.
Controller — Much of the basics of the control system
come under the domain of this position. It is key that the
controller understand the need for the internal control
system, is committed to the system and communicates
the importance of the system to all people in the
accounting organisation. Further, the controller must
demonstrate respect for the system though his or her
actions.
Internal audit
A main role for the internal audit team is to evaluate
the effectiveness of the internal control system and
contribute to its ongoing effectiveness. With the internal
audit team reporting directly to the audit committee
of the board of directors and the most senior levels
of management, it is often this function that plays a
significant role in monitoring the effectiveness of the
internal control system.
6 AUDIT COMMITTEE TOOLKIT: INTERNAL CONTROL CHECKLIST
External parties
Third parties frequently play key roles in a company’s
activities through outsourcing or other support. The
company retains full responsibility for the internal
control system, including activities performed by third
parties on its behalf. Therefore, the audit committee
should ensure that management has processes to
evaluate the activities performed by others to assess
the effectiveness of the third party’s system
of internal control.
External Audit — The external auditor is engaged to
audit the reliability of financial reporting and, in certain
reporting jurisdictions, the effectiveness of internal
control over financial reporting. In carrying out these
responsibilities, the external auditor will communicate
deficiencies in internal control to management to be
acted upon and, depending on significance, to the audit
committee.
All other employees
The internal control system is only as effective as the
employees throughout the organisation who must comply
with it. Employees throughout the organisation should
understand their roles in internal control, the importance
of supporting the system through their own actions, and
encouraging respect for the system by their colleagues
throughout the organisation.
INTERNAL CONTROL OVER FINANCIAL
REPORTING (ICFR)
The purpose of this toolkit is not to explain the various compliance requirements that
exist between different jurisdictions. It is paramount that the audit committees should
become familiar with ICFR concepts as matters related to internal control over financial
reporting will be included in external auditor communications to the audit committee
as part of expressing or disclaiming an opinion on financial statements.

The audit committee needs to be advised and updated

regularly on the external auditor’s consideration of
internal control as part of the financial statement audit,
and should have a clear understanding of the expected
outcome. In the event the auditor identifies internal
control deficiencies, management should have a plan in
place already to correct the weakness(es), and the audit
committee should be engaged already in review and
approval of that plan.

7 AUDIT COMMITTEE TOOLKIT: INTERNAL CONTROL CHECKLIST

CONCLUSION

This briefing is intended to provide an overview of what is meant by internal control, key
terms, concepts and responsibilities of the audit committee, especially as they relate to internal
control over financial reporting. The concepts are not complex, but sometimes the application
of internal control can be a challenge in an organisation, depending on its size and the
corporate culture. The audit committee plays an important role in establishing an appropriate
control environment or the tone at the top of the organisation.

While the objective of reliable financial reporting may

be paramount for the audit committee of a private
company, an effective internal control system also
encompasses compliance, operational, and non-financial
reporting objectives. An integrated process that includes
all five components of the internal control framework
and its 17 principles working together is the primary
means of having reasonable assurance that these
important goals are being met. Simply stated
a strong system of internal control, both in its design
and operation, is good business.

See AU §325, Communicating Internal Control Related Matters Identified in an Audit, PCAOB AS No. 5, An Audit of Internal Control Over
Financial Reporting That is Integrated with an Audit of Financial Statements and International Standards on Auditing 265, Communicating
Deficiencies in Internal Control to Those Charged with Governance and Management.

8 AUDIT COMMITTEE TOOLKIT: INTERNAL CONTROL CHECKLIST

INTERNAL CONTROL — CHECKLIST OF COSO
ESSENTIALS FOR THE BOARD

Purpose of this tool —

This tool provides an understanding of key board-level responsibilities within each of the five interrelated
components of a company’s internal control system, as described in the COSO Internal Control —
Integrated Framework (2013). The audit committee’s role within this system focuses on internal controls over
financial reporting and the processes in place to design, implement, and monitor the company’s broader
system of internal control. It also is responsible to aid the board in its oversight of internal controls, risk
management and overall governance process. This can be achieved through the committee’s interaction
with senior management, independent auditors, internal auditors, and other key members of the financial
management team.

Instructions for using this tool —

Within each component is a series of questions that the audit committee should evaluate to assure itself
that board-level controls are in place and functioning. These questions should be discussed in an open
forum with the individuals who have a basis for responding to the questions. The audit committee should
ask for detailed answers and examples from the management team, which should include key members of
the financial management team, internal auditors, and independent auditors. This board-level tool should
be used in conjunction with the COSO Internal Control — Integrated Framework (2013) to determine if all
components and related principles of a company’s internal control system are present, functioning, and
operating together in an integrated manner. Evaluation of the internal control structure is not a one-time
event, but rather a continuous process for the audit committee. The audit committee should always have
its eyes and ears open to the ever-changing risks that the business faces, especially the risks to reliable
financial reporting, and should continually probe the responsible parties regarding the operation of the
system and potential weaknesses in internal control. These questions are written in such a manner that a
“No” response indicates a weakness that must be addressed.

9 AUDIT COMMITTEE TOOLKIT: INTERNAL CONTROL CHECKLIST

COSO Framework YES NO NOT SURE

CONTROL ENVIRONMENT — Demonstrates Commitment to Integrity and Ethical Values

1. Do comprehensive standards of conduct exist addressing

acceptable business practice, conflicts of interest, and
expected standards of ethical and moral behaviour for the
company? Is the board accountable for the definition and
application of the standards?

2. Is the audit committee furnished routinely with the results

of employee surveys regarding corporate behavior and
similar information from external parties such as customers
and vendors? See also chapter 10, “Fraud and the
Responsibilities of the Audit Committee: An Overview,”
in the toolkit (AICPA Audit Committee Toolkit: Private
Companies, 2nd edition, 2014)

3. Are the standards of conduct communicated and

reinforced regularly to all levels of the organisation,
outsourced service providers, and business partners?
Are management’s efforts to communicate the standards
both sufficient and effective in creating awareness and
motivating compliance? See also chapter 10, “Fraud and
the Responsibilities of the Audit Committee: An Overview,”
in the toolkit. (AICPA Audit Committee Toolkit: Private
Companies, 2nd edition, 2014)

4. Do the board and management demonstrate through

actions and behaviors their commitment to the standards
of conduct? Is there consistency at all levels of the
organisation?

CONTROL ENVIRONMENT — Exercises Oversight Responsibility

5. Does the board of directors define, maintain and evaluate

periodically the skills and expertise needed among its
members to enable them to ask probing questions of senior
management and take commensurate actions?

6. Does the board set the expectations for the performance,

integrity, and ethical values of the chief executive officer (or
equivalent role)?

7. Does the board assume oversight responsibility for

management’s design, implementation, and conduct of
internal control?

10 AUDIT COMMITTEE TOOLKIT: INTERNAL CONTROL CHECKLIST

 COSO Framework YES NO NOT SURE

CONTROL ENVIRONMENT — Establishes Structure, Authority, and Responsibility

8. Has the board established appropriate oversight structures

and processes (i.e. board and committees) for the entity?

9. Does the board retain authority over significant decisions

and review management’s assignments and limitations of
authorities and responsibilities?

CONTROL ENVIRONMENT — Demonstrates Commitment to Competence

10. Do board committees contain members who have the

requisite level of skills and expertise commensurate with
the committee’s responsibilities?

11. Are board oversight effectiveness reviews commissioned

periodically and/or as required for regulator purposes,
with opportunities for improvement identified and
addressed?

12. Is the board effective in exercising its fiduciary

responsibilities (as applicable under the relevant
jurisdiction’s legislation) and due care in oversight (for
example, prepare for and attend meetings, review the
entity’s financial statements and other disclosures)?

13. Does the board evaluate the performance, integrity and

ethical values of the chief executive officer (or equivalent
role) and act as necessary to address shortcomings?

14. Do succession plans, contingency plans, or both exist

for the CEO and other key roles in order to assign
responsibilities important to internal control?

CONTROL ENVIRONMENT - Enforces Accountability

15. Does the board challenge senior management by

asking probing questions about the entity’s plans and
performance, and require follow-up and corrective
actions, as necessary?

16. Does the board act to address competence, internal

control, and standards of conduct shortcomings among
the CEO, the organisation, and its outsourced service
providers?

17. Does the board align executive compensation, incentives,

and rewards appropriately, including consideration of
related pressures, with the fulfillment of internal control
responsibilities in the achievement of objectives?

11 AUDIT COMMITTEE TOOLKIT: INTERNAL CONTROL CHECKLIST

 COSO Framework YES NO NOT SURE

RISK ASSESSMENT

1. Does the board consider significant risks to the

achievement of objectives from external sources, such as
creditor demands, economic conditions, regulation, labour
relations and sustainability? Does the organisation identify
related issues and trends?

2. Does the organisation consider significant risks to the

achievement of objectives from internal sources, such as
business continuity, retention of and succession planning
for key employees, financing and the availability of
funding for key programmes, competitive compensation
and benefits, and information systems security and
backup systems? Does the organisation identify related
issues and trends?

3. Does management have a process in place to assess

risk proactively as significant changes, such as entering a
new market, disruptive innovations, economic/geopolitical
shifts, fraud, and management override of internal
controls, occur?

4. Does the board apply an appropriate level of scepticism

and challenge management’s assessment of risks?

CONTROL ACTIVITIES

1. Does the board assume the responsibility to oversee

senior management effectively in its performance of
control activities?

2. Does the board have necessary assurance from

management, internal and external auditors, and others
(as appropriate) that control activities are designed
effectively and operating to address all significant risks to
the preparation of reliable financial statements?

3. Does the board make specific inquiries of management

regarding the selection, development and deployment of
control activities in significant risk areas and remediation
as necessary? Does the company design control activities
proactively to address emerging significant risk areas?

12 AUDIT COMMITTEE TOOLKIT: INTERNAL CONTROL CHECKLIST

COSO Framework YES NO NOT SURE

INFORMATION AND COMMUNICATION

1. Do the board and management have an effective level

of communications in place to enable fulfillment of their
roles with respect to the entity’s objectives and to enable
consistency in direction and tone at the top?

2. Does the board receive the necessary operational and

financial information relating to the entity’s achievement
of objectives on a timely basis and in a format that
facilitates its use? Does the board review and discuss
this information?

3. Does the board apply critical judgment effectively

to scrutinize information provided and present
alternative views?

4. Does the board review disclosures to external

stakeholders for completeness, relevance, and accuracy?

5. Does the board receive communications regarding

relevant information from third party assessments?

6. Do open communication channels exist to allow relevant

information to flow to the board from customers,
consumers, suppliers, external auditors, regulators,
financial analysts and others?

7. Is there an effective process established and publicised

periodically to officers, employees, and others to
allow open communication of suspected instances
of wrongdoing by the company or employees of the
company? See also the tool entitled “Whistleblower
Common Practices Checklist” in chapter 11,
“Whistleblower Policy: Complaint Reporting Procedures
and Tracking Report,” in the toolkit (AICPA Audit
Committee Toolkit: Private Companies, 2nd edition, 2014)

13 AUDIT COMMITTEE TOOLKIT: INTERNAL CONTROL CHECKLIST

 COSO Framework YES NO NOT SURE

MONITORING ACTIVITIES

1. Does the board understand the nature and scope

of ongoing monitoring procedures and/or separate
evaluations to enable an effective evaluation of whether
the components of internal control continue to function
over time?

2. Does the board inquire with management, internal

and external auditors, and others (as appropriate) to
understand the presence and nature of any management
overrides of controls?

3. Does the board receive regular communications from

management regarding its evaluation of internal control
and the status of remediation of deficiencies?

4. Does the board engage with management, internal and

external auditors, and others (as appropriate) to evaluate
the adaptability of the company’s strategies and internal
control framework to evolving business, infrastructure,
regulations, and other factors?

14 AUDIT COMMITTEE TOOLKIT: INTERNAL CONTROL CHECKLIST

About the tool

The above checklist was taken directly from The AICPA Audit Committee
Toolkit: Private Companies, 2nd edition, 2014. This full publication is
available online and in publication from cpa.com. This is one in a series
of four audit committee toolkits (Public Company, Private Company,
Not-for-Profit Organisations and Government Organisations).

Acknowledgements

We would like to thank all of those who contributed their time, knowledge,
insight and experience in order to provide this tool.

© 2015 American Institute of CPAs. All rights reserved.

This material may be shared and reproduced for
non- commercial purposes in online format only, subject
to provision of proper attribution to the copyright owner
listed above. For information about obtaining permission
to use this material in any other manner, please email
copyright@cgma.org
All other rights are hereby expressly reserved. The
information provided in this publication is general
and may not apply in a specific situation. Legal advice
should always be sought before taking any legal action
based on the information provided. Although the
information provided is believed to be correct at the date
of publication, be advised that this is a developing area.
The AICPA or CIMA cannot accept responsibility for
the consequences of its use for other purposes or
other contexts.
The information and any opinions expressed in this material
do not represent official pronouncements of or on behalf of
the AICPA, CIMA, the CGMA designation or the Association
of International Certified Professional Accountants. This
material is offered with the understanding that it does not
constitute legal, accounting, or other professional services or
advice. If legal advice or other expert assistance is required,
the services of a competent professional should be sought. The
information contained herein is provided to assist the reader
in developing a general understanding of the topics discussed,
but no attempt has been made to cover the subjects or issues
exhaustively. While every attempt to verify the timeliness
and accuracy of the information herein as of the date of
issuance has been made, no guarantee is or can be given
regarding the applicability of the information found within to
any given set of facts and circumstances.

15 AUDIT COMMITTEE TOOLKIT: INTERNAL CONTROL CHECKLIST

American Institute of CPAs
1211 Avenue of the Americas
New York, NY 10036-8775
T. +1 212 596 6200
F. +1 212 596 6213
CIMA REGIONAL OFFICES:
Africa
Office address:
4th Floor, 54 Melrose Boulevard
Melrose Arch
Melrose North
Johannesburg, South Africa
T: +27 (0)11 788 8723
F: +27 (0)11 788 8724
johannesburg@cimaglobal.com
Europe
26 Chapter Street
London SW1P 4NP
United Kingdom
T: +44 (0)20 8849 2251
F: +44 (0)20 8849 2250
cima.contact@cimaglobal.com
cgma.org
March 2015
Chartered Institute of
Management Accountants
26 Chapter Street
London SW1P 4NP
United Kingdom
T. +44 (0)20 7663 5441
F. +44 (0)20 7663 5442
Middle East, South Asia South East Asia and Australasia
and North Africa Level 1, Lot 1.05
356 Elvitigala Mawatha KPMG Tower, 8 First Avenue
Colombo 5 Bandar Utama
Sri Lanka 47800 Petaling Jaya
T: +94 (0)11 250 3880 Selangor Darul Ehsan
F: +94 (0)11 250 3881 Malaysia
colombo@cimaglobal.com T: +60 (0) 3 77 230 230/232
F: +60 (0) 3 77 230 231
North Asia Unit seasia@cimaglobal.com
1508A, 15th floor, AZIA Center
1233 Lujiazui Ring Road CIMA also has offices in the
Pudong Shanghai, 200120 following locations:
China Australia, Bangladesh, Botswana,
T: +86 (0)21 6160 1558 China, Ghana, Hong Kong SAR,
F: +86 (0)21 6160 1568 India, Ireland, Malaysia, Nigeria,
infochina@cimaglobal.com Pakistan, Poland, Russia, Singapore,
South Africa, Sri Lanka, UAE, UK,
Zambia and Zimbabwe.
© The Chartered Institute of Management Accountants 2015
17047-347
CGMA, CHARTERED GLOBAL MANAGEMENT ACCOUNTANT, and the CGMA logo are trademarks of
the Association of International Certified Professional Accountants. ASSOCIATION OF INTERNATIONAL
CERTIFIED PROFESSIONAL ACCOUNTANTS and the ASSOCIATION OF INTERNATIONAL CERTIFIED
PROFESSIONAL ACCOUNTANTS logo are trademarks of the American Institute of Certified Public
Accountants. These trademarks are registered in the United States and in other countries.