10 Questions
What is the purpose of discussing matters with management before communicating with those charged with governance during an audit?
To clarify facts and issues
When is it inappropriate to discuss matters with management before communicating with those charged with governance?
When discussing management's competence or integrity
Why might an auditor discuss matters with the internal auditor before communicating with those charged with governance?
To seek clarification or additional information
In what situations may those charged with governance provide third parties with written communications from the auditor?
When it is illegal or inappropriate
What is the primary responsibility of management in preparing financial statements?
Ensuring the accuracy of financial records
Why is it important for the auditor to discuss matters with management before communicating with those charged with governance?
To clarify facts and issues
What is the role of the internal auditor in the communication process within an entity?
To assist the auditor in seeking further information
When should an auditor engage in discussions with the internal auditor?
Before communication with those charged with governance
What impact does discussing matters with management have on the audit process?
Ensures clarity on facts and issues for effective communication
How does communication with third parties relate to the auditor's responsibilities during an audit?
It can be illegal if not done appropriately
Test your knowledge on the communication procedures with individuals who oversee components concurrently. This quiz covers topics like handling communication with a subgroup of those charged with governance and understanding respective responsibilities.
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