Question: GROUP 5 a) Auditors have a responsibility under ISA 265 Communicating Deficiencies in Internal Control to those Charged with Governance and Management, to communicate deficiencies

GROUP 5 a) Auditors have a responsibility under ISA 265 Communicating Deficiencies in Internal Control to those Charged with Governance and Management, to communicate deficiencies in internal controls. In particular, SIGNIFICANT deficiencies in internal controls must be communicated in writing to those charged with governance. Required Explain examples of matters the auditor should consider in determining whether a deficiency in internal controls is significant

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Scott owns a 55% interest in XYZ partnership. His sister owns 60% of ABC partnership. XYZ sold a piece of property with an adjusted basis of $80,000 and a fair market value of $100,000 to ABC for...

TWO Greystone Co is a retailer of ladies clothing and accessories. It operates in many countries around the world and has expanded steadily from its base in Europe. Its main market is aimed at 15 to...

Your firm has recently been appointed as auditor to Mazha, a private company that runs a chain of small supermarkets selling Cool drinks. Mazha has very few controls over inventory because the...

a) Auditors have a responsibility under ISA 265 Communicating Deficiencies in Internal Control to those Charged with Governance and Management, to communicate deficiencies in internal controls. In...

25 Which of the following controls helps to ensure that payroll payments are only made to bona fide employees? (1) Personnel records maintained for all employees (2) Comparison of bank transfer...

Question 1. The notes to the financial statements of Kindred Co disclose that the company has only operated profitably as a result of a significant amount of trading with its parent company, and the...

Complete the following items. Write brief summary of the ISA 265: Communicating deficiencies in internal control to those charged with governance and management. Your answer should include discussion...

Needs brief summary of the ISA 265: "Communicating deficiencies in internal control to those charged with governance and management." Your answer should include discussion of the following:...

According to ISA 265 Communicating deficiencies in internal control to those charged with governance. The reason/s for the management letter is/are: (There may be more than one right answer select...

audit theory question ISA 265 Communicating deficiencies in internal control to those charged with and management requires auditors to: 1. promote effective two-way communication between the auditor...

Adam Company uses a job costing system to keep track of the 2,000 jobs that typically are in the factor) at any one time. The direct materials, direct labor, and manufacturing overhead costs are...

Jackson purchased $5,200 worth of electronic equipment from BetterBuy on their deferred payment plan. the plan allows the customer to make no down payment and no payment at all for five months. if...

Why are current liabilities presented first in the liability section on the balance sheet? Because current liabilities are usually larger than long - term liabilities. So stakeholders can understand...

Scenario: A Multi-national Corporation called The Globe has created a subsidiary called Thirst in an under-developed country called non-potable waters. This hosting country suffers from a severe...

8. Sometimes viewed as a Scandinavian tortilla, these potato flatcakes are often sold in areas with high Scandinavian American populations: a. Lefse b. Lutefisk c. Aquavit d. Fiskepudding

What is the relationship between humans?

What is the orientation toward time?