Ford Motors auditor which is PricewaterhouseCoopers LLP, say how the consolidated financial statements all agree with the GAAP standards and stand in conformity with those standards. “There were no changes in internal control over financial reporting during the quarter ended December 31, 2017 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting” (PricewaterhouseCoopers LLP pg. FS1)
DELOITTE & TOUCHE LLP are the auditors for General Motors, they feel that the financial reports represent General Motors well. Deloitte & Touche LLP respectively. Within their report the auditors conduct numerous test that rely on examining each financial statement and comments. These test include the interactions between the departments within the business.
These test also incorporate “assessing the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks” (Deloitte & Touche LLP, pg. 45) Internal controls are procedure that are set in place by a company that represent virtuous monetary and accounting statements , meet their obligations, lastly submit management rules all though the company.
I believe that Ford Motors is honest in submitting their financial statements. If they did conduct in fraudulent items it would show in every single one of their reports, something would not add up but it this case everything did. General Motors was the company that was more descriptive and detailed than Ford. By being easy to read and the title names, General Motors excelled at managerial organizing their financial statements.