Write brief summary of the ISA 265: “Communicating deficiencies in internal control to those charged with governance and management.” Your answer should include discussion of the following:
Classification and definitions of control deficiencies.
Auditors’ responsibilities in detecting and reporting internal control deficiencies
Key factors used to determine internal control significant deficiencies
Key elements of auditors’ written communication of significant deficiencies
Write brief summary of the ISA 240: “The auditor’s responsibilities relating to fraud in an audit of financial statements.” Your answer should include discussion of the following:
Characteristics of fraud
Management’s responsibilities for preventing and detecting fraud
Auditor’s responsibilities for detecting fraud
Audit procedures required for auditing fraud in the financial statements
Sample Solution
