AS5 indicates that certain circumstances are indicators of a material weakness. What are these circumstances, and why do you think the PCAOB assessed them as being of such importance?
Answer to relevant QuestionsDescribe what is meant when management remediates a material weakness. If a material weakness is remediated and sufficiently tested before the “as of” date, what can management assert about ICFR?What should the auditor do when a significant period of time has elapsed between the service organization auditor’s report and the date of management’s assessment?For each of the following independent situations, indicate the type of report on ICFR you would issue. Justify your report choice. a. Hansen, Inc., has restated previously issued financial statements to reflect the ...Search the Internet (e. g., an entity’s website or sec.gov), and find an audit report for an entity’s audit of internal control over financial reporting. Deter-mine whether the entity used the combined or separate ...In performing certain audit procedures, the auditor may encounter voided documents, inapplicable documents, or missing documents, or the auditor may stop testing before examining all the items selected for the sample. How ...
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