A5 (2) - Internal Control Communicaions

Question 0

Internal control communications

Answer 0

1) .Internal control matters noted during audit only for non issuers
2) .Integrated Audits

Question 1

Internal controls matters noted during an audit - Auditor responsibilities

Answer 1

1) . Become aware of control deficiencies while performing audit
2) . Evaluate control decencies
3) . Communicate in writing with management and those of charged with governance

Question 2

What are three types of engagement.?

Answer 2

1. Control deficiency
2. Material weekness
3. Significant Defeciency

Question 4

Internal controls matters noted during an audit - Reporting requirements.

Answer 4

1) . Express opinion on financial statements not on effectiveness of internal control.
2) . Auditors consideration not designed all significant Deficiency.
3) . Definition of material weakness.
4) . Restricted communication to management and charged to governance .

Question 5

Communication of Control Deficiencies Noted During The Audit

Answer 5

1- Significant deficiencies
2- Material weaknesses
3- NOT Control deficiency

Question 6

Material Weakness vs. Significant Deficiency

Answer 6

Significant Deficiency is less severe than a material weakness, yet important enough to merit attention by those charged with governance