Distinguish a significant deficiency in internal control from a material weakness in internal control. How will the presence of one significant deficiency affect an auditor’s report on internal control under PCAOB standards? How will the presence of one material weakness affect an auditor’s report on internal control under PCAOB standards?
What is the auditor’s responsibility for obtaining an understanding of internal control? How does that responsibility differ for audits of public and nonpublic companies? 12-2 (OBJECTIVE 12-1) Jeanne Maier, CPA, believes that it is appropriate to obtain an understanding of internal control about halfway through the audit, after she is familiar with the client’s operations […]