Required Communications with Those Charged with Governance

Question 1

What is the Auditor’s objective when communicating with those charged with Governance?

Answer 1

Communicate clearly the auditor’s responsibilities related to the audit and an overview of the planned scope and timing of the audit and obtain from those charged with governance information relevant to the audit

Question 2

What matters Required to Be Communicated with Those Charged with Governance?

Answer 2

1 The Auditor’s Responsibilities under GAAS
2 The Planned Scope and Timing of the Audit
3 Significant Findings from the Audit
4 Uncorrected misstatements
5 Other matters

Question 3

What are samples of Other Matters in regards to what should be communicated with Governance?

Answer 3

1 Material misstatements communicated to management that were corrected;
2 Any significant findings or issues discussed with management;
3 Any known instances where management consulted with other accountants about accounting or auditing matters; and
4 The written representations that the auditor requested from management