ASA260 Communication of Audit Matters with Those Charged with Governance

question 11

Essay

ASA260 Communication of Audit Matters with Those Charged with Governance requires auditors to communicate audit matters of governance interest arising from the audit of the financial report with those charged with governance of an entity.What are some examples of these matters and why is it important for auditors to communicate them?

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Definitions:

Child Labor

The employment of children in any work that deprives them of their childhood, interferes with their ability to attend regular school, and is mentally, physically, socially, or morally dangerous and harmful.

Forced Labor

Forced labor is work that individuals are compelled to do against their will, under threat of punishment or other forms of coercion, often in exploitative conditions.

Performance Contingency

A situation or condition where the outcome or success of a process or task is dependent on certain factors or performances being met.

Availability

The state of being readily accessible or obtainable when needed.