Questions from Auditing and Assurance

Q: Which types of deficiencies must be communicated to the audit committee?

Which types of deficiencies must be communicated to the audit committee?

Q: Describe the requirements involved when auditors are engaged to report on whether

Describe the requirements involved when auditors are engaged to report on whether a previously reported material weakness continues to exist.

Q: What information must be included in management’s report on internal control over

What information must be included in management’s report on internal control over financial reporting in the annual report filed with the Securities and Exchange Commission?

Q: Describe the difference between a significant deficiency and a material weakness in

Describe the difference between a significant deficiency and a material weakness in internal control.

Q: What conditions are necessary for the auditors to use either the ratio

What conditions are necessary for the auditors to use either the ratio or difference estimation techniques?

Q: Comment on the accuracy of the following statement: “Because both

Comment on the accuracy of the following statement: “Because both significant deficiencies and material weaknesses must be reported to the audit committee, for practical purposes, there is no distinct...

Q: What is meant by the “as of” date when reporting

What is meant by the “as of” date when reporting on internal control over financial reporting?

Q: What is a compensating control?

What is a compensating control?

Q: Provide examples of antifraud programs that the auditors might expect the client

Provide examples of antifraud programs that the auditors might expect the client to have.

Q: Describe what is meant by a “walk-through.” Must

Describe what is meant by a “walk-through.” Must walk-throughs be performed during audits of internal control over financial reporting? May the client perform a walk-through and the auditors then revi...