AIV- Forming Conclusions and Reporting

Question 1

what are entity level controls?

Answer 1

high-level controls that have an impact on internal control

ex: something that relates to period end financial reporting process – ie management procedures used to initiate, authorize, and record journal entries

Question 2

for reissuing a compilation report, what is the accountant required to obtain a representation letter from?

Answer 2

the successor accountant ,

not required from management