Question

Statements Answer 1. Significant financial statement accounts are materially affected, either directly through entries in the general ledger, or indirectly through the creation of rights or obligations that may or may not be recorded in the general ledger by __________. 2. The auditors should design procedures to provide a high level of assurance that the controls related to each __________ are operating effective. 3. A significant deficiency is a control deficiency that is less severe than a __________ yet important enough to merit attentions by those responsible for oversight of the company's financial reporting. 4. To express the internal control opinion, the auditors should obtain sufficient evidence on the effectiveness of controls at the _________ date. 5. Ineffective audit committee oversight of management is regarded as at least a __________. significant deficiency

Answer 1

Answer:

Explanation:

1. Significant financial statement accounts are materially affected, either directly through entries in the general ledger, or indirectly through the creation of rights or obligations that may or may not be recorded in the general ledger by major class of transaction.

2. The auditors should design procedures to provide a high level of assurance that the controls related to each relevant assertion are operating effective.

3. A significant deficiency is a control deficiency that is less severe than a material weakness yet important enough to merit attentions by those responsible for oversight of the company's financial reporting.

4. To express the internal control opinion, the auditors should obtain sufficient evidence on the effectiveness of controls at the as of date.

5. Ineffective audit committee oversight of management is regarded as at least a significant deficiency