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1. Identify auditors’ reporting requirements for internal control deficiencies in a financial statement audit for public...

1. Identify auditors’ reporting requirements for internal control deficiencies in a financial statement audit for public and private companies

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Answer #1

The auditor's reporting requirements for internal control deficiencies in a financial statement audit for public and private companies are:

a) It should provide an insight about the effectiveness of the company in financial reporting.

b) A suitable and recognized framework should be used for auditing the financial statements.

c) It should ensure that there is sufficient evidence that can support the financial statements and transactions of the company.

d) If any deficiencies are identified in the internal control then the auditor should give it in writing to the company. This should be done before the company's audit report is given.

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