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Unformatted text preview: statement for this particular portfolio. 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 under audit standards established by the AICPA. 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?...
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This note was uploaded on 11/30/2011 for the course ACCOUNTING 655 taught by Professor Lee during the Spring '11 term at Prince George's Community College, Largo.
- Spring '11