Practical Advice for Evaluating Internal Control Deficiencies

Given the recent increased emphasis on risk assessment procedures and the auditor’s understanding of internal control relevant to the audit, it is important that CPEA members not forget their responsibility to communicate, to those charged with governance and management, deficiencies in internal control the auditor has identified during the audit and that, in the auditor's professional judgment, are of sufficient importance to merit their respective attentions. In an audit of financial statements, the auditor should determine whether he or she