Communication with charged with Governance Flashcards
Correct statement about auditors communication with charged w governance
Auditor required to inform about significant corrected errors
Internal control matters should be addressed to
Management and charged w governance
Dont inform charged w governance about
Disagreement among audit staff
Communicate to charged w governance
Sinnificant audit adjustments
Changes in significant accounting policies
Auditor’s obligation in design or operation of IC in FS of nonissuer:
Auditor NOT need to search for significant deficiency but should document and communicate if discovered
Auditor not required to communicate to those charged w governance
The degree of reliance on management rep letter
Inappropriate to communicate to charged w governance
No significant deficiencies in internal control exist
Control deficiency considered material weakness if
Likelihood - Reasonable
Magnitude - Material
In test of controls over Tablet Housing assistance. Clerk allows participate with higher income:
Deficiency in the operation of internal control
CPA didn’t identify any significant deficiency or material weakness in non issuer integrated audit. The auditor is required to report
Is NOT required to report SD or Mweakness
If с прошлого года same control definitiencies what were communicated to management (not significant deficiencies or material weaknesses) management said cost constraints. How should auditor communicate during current year
No communication is required
Scurtz Group auditor of Frost company is NOT assuming responsibility for the work of Grove CPA, a component auditor. Which of the following matters should be communicated from group engagement team to the component auditor’s?
Significant risks of material misstatement of the group financial statement that are relevant to the work of the component auditor.
If group auditor assume responsibility then he should communicate component materiality and the threshold
