Daniel Paterson Case 7

Daniel Paterson - would not be concerned with a material weakness 2 How big of a material misstatement this is are there any preventive controls in

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Daniel Paterson Audit of Internal Controls ACIS 3414 9:30 1. Significant Deficiency - I would consider that this is a non-profit company so they weren’t hiding the gain for tax purposes. Also, I would be concerned why there accounting department did not review this specific portfolio and why there internal controls did not catch the misstatement. The 5 million dollars is beneath their materiality threshold of 10 million so I
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Unformatted text preview: would not be concerned with a material weakness. 2. How big of a material misstatement this is, are there any preventive controls in place to figure out if it is a design or operating effectiveness 3. Communicate to management that there was a significant deficiency detected during the audit and a written report to audit committee before the audit report issuance....
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This note was uploaded on 08/22/2011 for the course ACIS 3414 taught by Professor Yardley during the Spring '08 term at Virginia Tech.

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