Unformatted text preview: The portfolio, which consisted of traded securities, had increased in market value by $5 million. Materiality for the audit was $10 million. As part of the audit, you must assess the operating effectiveness of controls related to the misstatement. Required: • What factors would you consider to determine if a deficiency, significant deficiency, or material weakness exists? • What additional information, if any, is needed to complete your assessment? • What, if any, communications would you be required to make to those charged with governance? Copyright 2009 Deloitte Development LLC All Rights Reserved....
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- Spring '10
- engagement team, Year-end adjusting entries, audit engagement partner, Care For Kids Inc., year-end substantive procedures