Question: Briefly summarize management s and the auditor s basic responsibilities under Section
Briefly summarize management’s and the auditor’s basic responsibilities under Section 404 of the Sarbanes- Oxley Act of 2002.
Answer to relevant QuestionsDiscuss how the terms likelihood and magnitude play a role in evaluating the significance of a control deficiency. How does the auditor evaluate the objectivity and competence of others who perform work for management? What are the types of reports that an auditor can issue for an audit of ICFR? Briefly identify the circumstances justifying each type of report.Following are examples of control deficiencies that may represent significant deficiencies or material weaknesses. For each of the following scenarios, indicate whether the deficiency is a significant deficiency or material ...Brown, CPA, is auditing the financial statements of Big Z Wholesaling, Inc., a continuing audit client, for the year ended January 31, 2013. On January 5, 2013, Brown observed the tagging and counting of Big Z’s physical ...
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