Comment on the accuracy of the following statement: “Since both significant deficiencies and material weaknesses must be reported to the audit committee, for practical purposes, there is no distinction between the two.”
Answer to relevant QuestionsWhat is a compensating control?What requirements exist when the auditors use the work of client personnel as a part of the evidence obtained for an audit of internal control? In which areas of the audit would one expect this to be most likely to occur?Multiple Choice QuestionsSelect the best answer for each of the following questions. Explain the reasons for your selection:a. In an integrated audit, which of the following must the auditors communicate to the audit ...Provide examples of antifraud programs that the auditors might expect the client to have.In communications with clients, should CPAs refer to themselves as auditors or as accountants? Explain.
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