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AUD Prep

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Question:

FYI PCAOB on Reporting Whether Previously Reported Material Weakness Continues to Exist - Auditor's Report—In reporting on whether a previously reported material weakness continues to exist, the auditor may express an opinion (as to whether the material weakness continues to exist or does not) or a disclaimer of opinion;

Author: Monique Tyler



Answer:

Obtaining an Understanding of Internal Control over Financial Reporting - 1. Must perform a walkthrough for all major classes of transactions that are directly affected by controls specifically identified by management as addressing the material weakness—An auditor who has reported on internal control in accordance with PCAOB auditing standards for the most recent annual assessment is not required to perform a walkthrough for this engagement.


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