Misstatements and internal control deficiencies
Area 3: Performing Further Procedures and Obtaining Evidence (30-40%)
Your Progress
0 of 64 questions attempted
Topics
- Evaluating identified misstatements
- Communication of deficiencies
Lessons
Study Frameworks
Control Deficiency Classification
Does a deficiency (or combination) exist in internal control?
Yes
Is there a reasonable possibility that a material misstatement would not be prevented or detected on a timely basis?
Yes
Material weakness — must communicate to management and those charged with governance
No
Is the deficiency important enough to merit attention by those charged with governance?
Yes
Significant deficiency — communicate in writing to those charged with governance
No
Deficiency — may communicate to management
No
No control deficiency to report