The auditors have completed an examination of internal control and are preparing to issue a report. Does the opinion paragraph on the client’s internal control conclude on internal control or management’s assessment of internal control?
Answer to relevant QuestionsWhat does an operational audit attempt to measure? Does an operational audit involve more or fewer subjective judgments than a compliance audit or an audit of financial statements? Explain. To whom is the report usually ...Describe the various levels or positions of accounting personnel in a large public accounting firm. What type of report on internal control is likely to be issued when management imposes a scope limitation?Comment on the correctness of the following statement: Since all attest services are assurance services, all assurance services are also attest services.Should the internal auditors generally disclose their findings to operating personnel of the department involved before transmitting the report to top management? Explain.
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