ACCT444_WK4_HW4_DB - Week 4 Homework Question 10-33 1...

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Week 4 Homework Question 10-33 1. Information and communication 2. Control environment 3. Risk assessment 4. Monitoring 5. Control activities 6. Information and communication 7. Control activities 8. Control environment 9. Risk assessment 10. Control activities Question 10-41 INDEPENDEN T SITUATION APPROPRIATE AUDIT REPORT REASON FOR REPORT 1 Adverse When the existence of a material misstatement is not detected by the company’s internal controls it is considered a significant deficiency, or a material weakness for internal control reporting. 2 Qualified or disclaimer The auditor’s incapability to acquire any evidence about the operating effectiveness of internal controls represents a scope limitation. 3 Adverse An adverse opinion is required because the detection of a deficiency that will not prevent or detect a material misstatement in the financial statements meets the definition of a material weakness. 4 Unqualified An unqualified opinion on internal control is appropriate because the control deficiency was remediated and the auditor was able to obtain sufficient appropriate evidence that the new control operates effectively.
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