The Auditor Must Communicate in Writing All Significant Deficiencies and Material

question 113

Multiple Choice

The auditor must communicate in writing all significant deficiencies and material weaknesses to management and the audit committee.The written communication from the auditor should include:

• A)a definition of a control deficiency,a significant deficiency,and a material weakness
• B)a statement that the objective of the audit is to report on the financial statements and not to provide assurance on internal controls
• C)a statement that the communication is intended solely for the use of the board of directors,the audit committee,and management
• D)the fact that there is no such thing as absolute assurance

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Definitions:

Government Regulations

Rules or directives made and maintained by a government to regulate behavior and enforce compliance, often found in industries to protect public welfare.

Employment Conditions

The various aspects of a job that an employee agrees to when they accept employment, including salary, hours, and work environment.

Social and Economic

Pertaining to the intersection of social relations, systems, and economic activity within a society.

Instant Elections

Swiftly organized votes, possibly leveraging technology, to decide on issues of immediate concern, often within a workplace or organizational context to gauge opinion or decide on actions.