Briefly summarize management\'s and the auditor\'s basic responsibilities under Section 404 of the Sarbanes-Oxley Act of 2002

Management responsibilities: 

Accept responsibility for the effectiveness of the entity's ICFR  Evaluate the effectiveness of the entity's ICFR using suitable control criteria

• Support the evaluation with sufficient evidence, including documentation.
• Present a written assessment regarding the effectiveness of the entity's ICFR as of the end of the entity's most recent fiscal year.

Auditors responsibilities: 

Audits of financial statements must be conducted in an integrated way  Auditors objective is "to express an opinion on the effectiveness of the company's internal control over financial reporting." Auditor must plan and perform the audit to obtain reasonable assurance about whether the entity maintained, in all material respects, effective internal control as of the date specified in management's assessment.