L8 Notes_Part_3 - Same and in addition, issue a public...

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© W.R. Knechel GAAP v. Integrated Audit Situation GAAS Integrated control deficiencies No duty – management letter Same Significant deficiency in Internal Control Written report to Audit committee and management on GAAS basis Similar Material weakness in Internal Control Can indicate seriousness in letter on reportable conditions to Audit Committee
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Unformatted text preview: Same and in addition, issue a public adverse opinion on the client ICOFR © W.R. Knechel Identifying Control Deficiencies Material Inconsequential Reasonable Possibility Likelihood of Potential Risk Magnitude of Potential Risk Significant Deficiency Material Weakness Design v. operating effectiveness (ex: fire alarm) Why design?...
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This note was uploaded on 10/05/2011 for the course ACG 5637 taught by Professor Monikacaushoulli during the Fall '08 term at University of Florida.

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L8 Notes_Part_3 - Same and in addition, issue a public...

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