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Assume you currently work at a CPA firm. During the assessment of internal controls, your firm...

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Accounting

Assume you currently work at a CPA firm. During the assessmentof internal controls, your firm concluded that your publicly tradedclient did not have accounting staff who met the firm’s criteriafor having adequate accounting expertise to ensure the company’sfinancials were prepared in compliance with appropriate accountingprinciples. This was identified as a material weakness and anadverse opinion was issued.

In a PowerPoint presentation, prepare information to furthertrain the audit team on how to handle issues, which includes:

the communication that is required with the client.

the actions that the client must take to mitigate theweakness.

the course of action your firm should take as it relates to thefinancial audit.

After the report had been issued, assume that the client hired aCPA with extensive reporting experience to manage the accountingdepartment. What part does this hiring decision play, if any, inyour firm’s decision?

Your presentation should meet the following criteria: Be 6-8slides in length, not including the title and reference slides.

Answer & Explanation Solved by verified expert
3.7 Ratings (566 Votes)
ANSWER Communication required with client Auditor should communicate all significant findings with Clients management stated as below 1Views about significant qualitative aspects of the entitys accounting practice including accounting policies accounting estimates and financial disclosure 2Significant difficulties if any encountered during audit 3Significant matters arising from the audit that were discussed or subject to correspondence with management 4Written representation the auditor is    See Answer
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