Question: While performing an audit on the internal controls over financial reporting for XYZ company, the audit team finds what it considers to be a significant

While performing an audit on the internal controls over financial reporting for XYZ company, the 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.XYZ corporation a large, public company.

Q: What steps would an auditor take to validate the potential audit adjustments (i.e. who and when would you perform these discussions or actions)?

Q: Communication is critical in the audit process. Based on the answers above, what are the common steps that all auditors need/should perform for any financial statement audit?

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