Question: 4) While performing an audit on the internal controls over financial reporting for UW Corporation, Corporation, your audit team finds what it considers to be

4) While performing an audit on the internal controls over financial reporting for UW Corporation, Corporation, your audit team finds what it considers to be a significant deficiency in internal controls. They also have found several potential audit adjustments to the financial statement that are considered material. UW Corporation is a large, public company.

  1. What steps would you take to communicate the finding of the significant deficiency in Internal Controls finding?
  2. What steps would you take to validate the potential audit adjustments?
  3. What are the common steps you identified above that all auditors need to perform for any financial statement audit they perform?

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