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COMMUNICATING DEFICIENCIES IN INTERNAL CONTROL TO THOSE CHARGED WITH…
COMMUNICATING DEFICIENCIES IN INTERNAL CONTROL TO THOSE CHARGED WITH GOVERNANCE
(PSA 265 )
SCOPE
Auditor's responsibility on communicating to those charged with governance deficiencies in internal control
auditor's understanding of internal control of client company
OBJECTIVE
Communicate TTCWG deficiencies in IC if one has been identified in the audit
Reflects importance of Auditor's professional judgement
REQUIREMENTS
Auditor shall determine the identification of deficiency
if auditor has identified one, determine individually or in combination
auditor shall communicate in writing significant deficiencies
auditor shall also communicate the deficiency TCWG
shall include in
written reports
purpose of audit
audit included that is relevant
matters are only reported limitedly
DEFICIENCIES IN
INTERNAL CONTROL
control is designed in such a way is unable to prevent, detect, correct mistatements
control is necessary to P,D,C misstatements on a timely basis
significance of a deficiency also depends whether misstatement has actually occurred.
may exist though auditor has not identified misstatements in the audit.
RELEVNT INFO FOR FURTHER CONSIDERATION
exceptions that they my have noted
preliminary indication from management
Management's understanding of
A or S cause of deficiency