Question: What is the difference between significant deficiency in internal control and material weakness in internal control? If the auditor detects significant deficiency in internal control

What is the difference between significant deficiency in internal control and material weakness in internal control? If the auditor detects significant deficiency in internal control but it does not represent material weakness, what is the appropriate audit report on internal control over financial reporting?

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!

Unit code(s) CHCAGE001 Unit title(s) Facilitate the empowerment of older people Unit Study Guide This Study Guide includes learning materials and further resources to assist you in your program of...

The following are independent situations for which you will recommend an appropriate audit report on internal control over financial reporting as required by PCAOB auditing standards: 1. The auditor...

Manual programming for the following picture : 3.000 2.250 1.500 .750 PART#:00002 ZEE & SLOTS (MANUAL PROGRAMMING) 5.0 REF. .500 5 1.375 3.000 2.250 TITLE: PART#: 00002 (ZEE & SLOTS) DRAWN BY:...

B&B Manufacturing (BBM) makes two types of lawnmower engines which it supplies to lawnmower manufacturers: a turbo and a self-propelling engine. The company has only a limited supply of skilled labor...

A 50-W lossless line terminated in a purely resistive load has a Voltage standing wave ratio of 3. Find all possible values of ZL.

The distribution function of a random variable X is given by for some positive constants a and k. (i) Find the value of the probabilities P(X = 0) and P(X = a). (ii) For what value of k, we have P(X...

1. Given the risk, what would motivate an investor to purchase stock in Gogo? 2. Why would Gogo sell stock rather than taking on additional debt financing? Do you think that this was a good decision?...

on april 5 , purchased merchandise on account from kingsbird company for $ 2 5 , 1 0 0 , terms 2 / 1 0 , net / 3 0 , FOB shipping point.

What are the two factors that affect trade in the gravity model? Explain whether each factor increases or decreases trade

1. Would you continue using only an inside sales model, or would you add a field sales function to seek out large enterprise customers What are the benefits, costs, and or limitations of an inside...

Update staff on change management processes Make some changes to your Communication and Education Plan based on your own recommendations and inform staff of what these changes are. Changes must be...

Distinguish, by including practical examples, the risk responses formulated by management during the risk management process.

A crisis of your choice Answer the questions: How was it managed? Assess the communication. What would you do to mitigate against it happening again

What has been your desire for leadership in CVS Health?

2 What is the proper way to calculate annualized returns for investments? Multiple Choice Arithmetic Mean Geometric Mean Whichever method makes the return look better

When a company has a contract involving multiple performance obligations, how must the company recognize revenue?

When securities are transferred from available-for-sale to trading, then a. Unrealized gain/Loss will be transferred from OCI and treated as income b. Unrealized gain/Loss should not be reversed c....

Stock dividend declared should be treated as a. Income b. Increase in the value of original shares held c. Increase to the quantity (position) of shares held d. All of the above

Impairment other than temporary with respect to equity securities should be a. Written down to fair value b. Treated alike as temporary impairment c. Considered a loss to be treated as temporary d....