You Are Auditing Gray Enterprises, a Public Company

question 70

Essay

You are auditing Gray Enterprises, a public company.During the audit, a material weakness was discovered during the audit of internal controls over financial reporting.Discuss how the auditors should handle this situation in the audit report and reference the appropriate PCAOB auditing standard.

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Definitions:

To-Do List

A list of tasks or activities that need to be completed, often organized in order of priority.

Perfectionistic Type

An individual who strives for flawlessness, setting excessively high performance standards accompanied by overly critical self-evaluations and concerns regarding others' evaluations.

Workaholic

A person who compulsively works excessively hard and long hours, often to the detriment of their personal life.

Control of Projects

The process of planning, organizing, directing, and monitoring resources and tasks to achieve the specific goals of projects.