20111027b_Thursday Internal Control Communications and Reports

20111027b_Thursday Internal Control Communications and Reports

Info iconThis preview shows pages 1–9. Sign up to view the full content.

View Full Document Right Arrow Icon
SU 9 Internal Control Communications and Reports Acct 3222 Fall 2011
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
An auditor’s written communication of internal control related measures identify an audit would be adjusted to those charged with governance which would include. . Board of Directors Director of Internal Auditing CFO Chief Accounting Officer
Background image of page 2
9.1 Communicating Internal Control Related Matters Identified in an Audit (AU 325) Ø 1. Which of the following issues related to internal control over financial reporting are required to be communicated in writing to management and those charged with governance? I. Control deficiencies II. Significant deficiencies III. Material weaknesses
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
9.1 Communicating Internal Control Related Matters Identified in an Audit (AU 325) Ø 2. Which of the following best describes the responsibility of an auditor of a private entity with respect to significant deficiencies and material weaknesses under AU 325, Communication of Internal Control Related Matters Identified in an Audit ? A. The auditor need not report the conditions if those charged with governance know of them.
Background image of page 4
9.1 Communicating Internal Control Related Matters Identified in an Audit (AU 325) Ø 3. Which of the following statements concerning an auditor’s communication of internal control related matters identified in an audit of a nonissuer is true? A. The auditor may issue a written report to management and those charged with governance that no significant deficiencies or material weaknesses were noted. B. Significant deficiencies or material
Background image of page 5

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
9.1 Communicating Internal Control Related Matters Identified in an Audit (AU 325) Ø 4. When communicating internal- control-related matters noted in a financial statement audit of a nonissuer, the communication should indicate that A. Errors or fraud may occur and not be detected because of the inherent limitations of internal control. B. The expression of an unqualified opinion on the financial statements may be dependent
Background image of page 6
9.1 Communicating Internal Control Related Matters Identified in an Audit (AU 325) Ø 5. Which of the following representations should not be included in a report on internal-control-related matters identified in an audit under the AICPA’s auditing standards? A. Significant deficiencies related to the design of internal control exist, but none is deemed to be a material weakness. B. There are no significant deficiencies or material weaknesses in the design or
Background image of page 7

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Matters Identified in an Audit (AU 325) Ø 6. Under the AICPA’s auditing standards, which of the following statements concerning an auditor’s required communication of significant control deficiencies is true? A. A significant control deficiency previously communicated during the prior year’s audit that remains uncorrected causes a scope limitation. B.
Background image of page 8
Image of page 9
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 11/10/2011 for the course ACCT 3222 taught by Professor Delaune,l during the Spring '08 term at LSU.

Page1 / 34

20111027b_Thursday Internal Control Communications and Reports

This preview shows document pages 1 - 9. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online