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Communication with Those Charged with Governance Quiz

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Communication with Those Charged with Governance Quiz

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Questions and Answers

What is the purpose of discussing matters with management before communicating with those charged with governance during an audit?

To delegate audit responsibilities to management

To undermine management's authority

To avoid disclosure to third parties

To clarify facts and issues (correct)

When is it inappropriate to discuss matters with management before communicating with those charged with governance?

When discussing management's competence or integrity (correct)

When sharing information with internal auditors

When clarifying facts and issues

When seeking further information and explanations

Why might an auditor discuss matters with the internal auditor before communicating with those charged with governance?

To delay the audit process

To maintain confidentiality from third parties

To bypass management's involvement

To seek clarification or additional information (correct)

In what situations may those charged with governance provide third parties with written communications from the auditor?

When it is illegal or inappropriate Signup and view all the answers

What is the primary responsibility of management in preparing financial statements?

Ensuring the accuracy of financial records Signup and view all the answers

Why is it important for the auditor to discuss matters with management before communicating with those charged with governance?

To clarify facts and issues Signup and view all the answers

What is the role of the internal auditor in the communication process within an entity?

To assist the auditor in seeking further information Signup and view all the answers

When should an auditor engage in discussions with the internal auditor?

Before communication with those charged with governance Signup and view all the answers

What impact does discussing matters with management have on the audit process?

Ensures clarity on facts and issues for effective communication Signup and view all the answers

How does communication with third parties relate to the auditor's responsibilities during an audit?

It can be illegal if not done appropriately Signup and view all the answers