Complete your understanding of the integrated audit as required by the Sarbanes-Oxley Act. While management...
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Accounting
Complete your understanding of the integrated audit as required by the Sarbanes-Oxley Act. While management was responsible for internal control prior to the passage of SOX, the Act required management to formally assess internal control and have sufficient evidence to support that assessment. Also in accordance with SOX, auditors are required to issue a report on internal control.
Please consider the following with regard to weaknesses in internal control:
How does a material weakness in internal control affect the opinion expressed in the internal control audit report?
What is management's responsibility with regard to the communication of material weaknesses and known significant deficiencies in internal control?
Can auditors render an unqualified opinion in the context of control deficiencies which are not deemed significant deficiencies?
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