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You have been asked by the audit partner to draft a letter to the client on internal control related matters. You were informed that the written communication regarding significant deficiencies and material weaknesses indentified during an audit of financial statements should include certain statements.
For each of the significant deficiencies and material weaknesses reflected in the table below, double-click on each of the associated shaded cells and select from the list provided the appropriate disposition of each statement in regard to the letter to the client on internal control related matters. Each selection may be used once, more than once, or not at all.
Included, Excluded, Included but only with client management's approval
Communicated orally with no need to document the communication
Internal controls
1. State that the purpose of the audit was to express an opinion on the financial statements, and to express an opinion on the effectiveness of the entity's internal control over financial reporting.
2. Identify, if applicable, items that are considered to be material weaknesses.
3. State that the author is not expressing an opinion on the effectiveness of internal control.
4. Include the definition of the term significant deficiency.
5. Include the definition of the term material weakness, where relevant.
6. State that the author is expressing an unqualified opinion on the effectiveness of internal control.
7. State that the communication is intended solely for management and external parties.
8. Identify the matters that are considered to be significant deficiencies.

Sagot :

Internal communication is the method through which information moves up, down, and throughout the whole organization. It is beneficial for personnel to hear from high management that control requirements must be taken seriously.

What is Internal communication ?

Information about the business is shared internally to help workers do their jobs successfully. People are kept informed by it. The goal of internal Within a company, communication is intended to facilitate the effective flow of information between employees and departments. This is valid for employees and management at all levels. Additionally, it works among employees who are conversing with each other at the work. Effective internal communication fosters organizational culture and raises employee engagement.

An internal communication strategy acts as a road map for inspiring workers to take action by disseminating knowledge. The strategy promotes improved teamwork since it is explicit about its objectives. The precise efforts and actions required to accomplish your company goals should be identified in the tactics. These techniques should be delivered through technology or a means that is appropriate for the target audience, such as connecting through Slack to receive real-time project updates.

To know more about Internal communication: https://brainly.com/question/5657333

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