Xiao,PA,is the Auditor of Minkle Credit Union,a Medium-Sized Credit Union

question 55

Essay

Xiao,PA,is the auditor of Minkle Credit Union,a medium-sized credit union.Xiao has prepared a management letter with several serious control weaknesses.Management agrees with the facts,but does not want to present the letter with the weaknesses to the audit committee or the board of directors.Management has implied that they will request a change of auditors if your firm presents the management letter to the board.
Required: Discuss the actions that Xiao should take.Justify your response.

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Definitions:

Favourable Attitudes

Refers to positive predispositions or feelings towards people, objects, or concepts.

Socially Active

The state or condition of being engaged and active in social contexts, including participating in group activities or contributing to community and social networks.

Higher Education

Post-secondary education provided by universities and colleges, offering a range of academic and professional degrees.

Dynamically Continuous Innovation

Innovations that represent a moderate change to existing products or services, often involving some new features or significant improvements without completely displacing the old ones.