Question: Create a scenario where external auditors determined that a company's internal controls were deficient, but such a deficiency might not mean that a material weakness

Create a scenario where external auditors determined that a company's internal controls were deficient, but such a deficiency might not mean that a material weakness existed. Ascertain the impact on the audit plan if additional deficiencies are discovered on other related internal controls. Support your position.

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Let us take a situation like inventory valuation and obsolescence where the external auditors think that the companys internal control process is low ... View full answer

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