What is Those charged with governance?
In short
Those charged with governance are the people responsible for overseeing the entity's strategic direction and accountability, including its financial reporting, such as the board of directors or the audit committee.
Key takeaways
- The auditor communicates the planned scope and timing, significant findings, uncorrected misstatements and independence matters to them.
- Significant deficiencies and material weaknesses in internal control must be communicated to them in writing.
- In a small entity they may be the same people as management.
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?