Complete the following items.
- 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:
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- 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:
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- 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
