528 Making Key Strategic Decisions Internal Control In addition to its opinion on the financial statements, the outside auditing firm writes a “management letter.” This letter lists possible weaknesses in the company’s control system that have come to the auditor’s attention, together with recommendations for correcting them. (In the boilerplate preceding this list, the auditor disclaims responsibility for a complete analysis of the system. The listed items are only those that the firm happened to uncover.) Internal auditors also write reports on the subject. Audit committees follow up on these reports by asking management to respond to the criticisms. If management.
