[CUSTOM SOLUTION] Control Deficiency

Access the Lesson 7 Discussion forum through the link above or navigate directly to the Discussion Board area in the course menu. Click Create Thread to respond to prompt.Watch the two vignettes on Evaluating Root Cause and Severity of a Control Deficiency.(https://www.thecaq.org/vignette-2-evaluating-root-cause-and-severity-control-deficiency/ ) The vignettes depict a situation where an audit engagement team found an internal control deficiency while investigating a misstatement auditors found. The first vignette is a discussion about the root cause of the misstatement, and the second one is about whether the internal control deficiency identified should be ‘material weakness’ or something less severe than that. It is a critical decision to make as existence of material weakness in internal control will lead to a modified audit opinion on internal control.Initial/Original Post: Select ‘two’ of the following questions and discuss:A misstatement of an account balance does not always lead to a conclusion there is an internal control deficiency. What made auditors in this case consider the possibility the error was a result of a problem in internal controlThe audit partner in the first vignette asks whether the issue is a deficiency in design or in operating effectiveness. Why is it important?In the second vignette, why does the partner seem pretty convinced the deficiency is severe enough to be a material weakness?In the second vignette, two auditors sitting in front of the partner seem a little reluctant to conclude the deficiency is a material weakness. Why do you think it is the case?Feel free to elaborate anything you learned/noticed from these vignettes and raise any question you have.Responding to Others: Responses to at least two classmates’ postings should be approximately 200 words and should be thoughtful, substantial, polite and more extensive than a simple “well done” phrase or “I agree.” Consider points of agreement, disagreement, assumptions, and value judgments. You will be able to respond to others after you submit your initial post.

 

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