What is Required communications with those charged with governance?
In short
The auditor must communicate certain matters to those charged with governance, including the auditor's responsibilities, the planned scope and timing of the audit, and significant findings from the audit.
Key takeaways
- Significant findings include views on accounting practices, significant difficulties, disagreements with management and uncorrected misstatements.
- Significant findings are communicated in writing if oral communication wouldn't be adequate.
- For public companies, communications include the auditor's independence.
Where it's tested
AUD: Written Representations & Completing the Audit — study notes, a five-minute revision sheet and practice questions.
Practise: 3 questions
Question 1 of 3 · 0 answered
Management refuses to sign the written representation letter at the conclusion of the audit. What is the appropriate response?