Question: An internal audit function has agreed to conduct an advisory consulting engagement related to evaluating the efficiency of a process. During this engagement, an internal

 An internal audit function has agreed to conduct an advisory consulting

An internal audit function has agreed to conduct an advisory consulting engagement related to evaluating the efficiency of a process. During this engagement, an internal auditor identifies a control weakness that could be material to the company. Since a consulting engagement is between two parties - the customer and the auditor - is there any obligation to disclose this weakness to senior management and the audit committee? What are the benefits and drawbacks of an internal auditor communicating such a weakness

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