Match the following term and definitions. a. audit of internal control b. audit of financial statements c.

Question:

Match the following term and definitions.
a. audit of internal control
b. audit of financial statements
c. IT audit
d. integrated audit
e. material weakness
f. significant deficiency
g. COSO

_ _ 1. Deficiency that results in a reasonable possibility that a material misstatement of financial statements will not be prevented or detected on a timely basis
__ 2. A deficiency in internal control over financial reporting that is less severe than a material weakness
__ 3. Tests of controls to obtain evidence that internal control over financial reporting has operated effectively
__ 4. Integrates an audit of internal control with an audit of financial statements
__
5. Audit of IT controls
__ 6. Tests of controls to assess risk and substantive procedures to collect evidence regarding the accuracy, completeness, and validity of data produced by the accounting system
__ 7. Committee of Sponsoring Organization of the Treadway Commission

Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...
Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Question Posted: