same 10 options for each question

Select the necessary words from the list of possibilities to complete the following statements. Statements 1. Maintaining effective internal control is the responsibility of the If the auditors conclude that material weaknesses exist in internal control they should issue a written communication to management and the 2 in which they indicate that the audit of internal control cannot be completed The control framework ordinarily used in an internal control audit is Internal Contro-Integrated Framework, created by the of the Treadway Commission. A significant deficiency is a control deficiency that is less severe than a attentions by those responsible for oversight of the company's financial reporting yet important enough to merit Determining the allowance for doubtful accounts, establishing warranty reserves, and assessing assets for impairment are examples of that involve judgments or assumptions. To express the internal control opinion, the auditors should obtain sufficient evidence on the effectiveness of controls at 65. date 7. The achievement of overall control objectives is pervasively affected by controls 8. Ineffective audit committee oversight of management is regarded as at least a Significant financial statement accounts are materially affected, either directly through entries in the general ledger, or 9. indirectly through the creation of rights or obligations that may or may not be recorded in the general ledger by The auditors should design procedures to provide a high level of assurance that the controls related to each 10 are operating effective. Answer 1. as of 2. board of directors 3. Committee of Sponsoring Organizations 4. entity level Answer s. major classes of transactions 6. management 7 management estimates 8. material weakness 9. relevant assertion 10.saurilk:ani: dciKKTH.Y on