Question
For each of the following independent situations, indicate the type of report on ICFR you would issue. Justify your report choice. a. Hansen, Inc., has
For each of the following independent situations, indicate the type of report on ICFR you would issue. Justify your report choice.
a. Hansen, Inc., has restated previously issued financial statements to reflect the correction of a misstatement.
b. Shu & Han Engineering does not have effective oversight of the entitys external financial reporting.
c. Kim Semiconductor has an ineffective audit committee.
d. The internal audit function at Smith Components, a very large manufacturing company, was ineffective. The entitys auditor has determined that the internal audit function needed to be effective in order for the entity to have an effective monitoring component.
e. The auditors of Benron identified significant financial statement fraud by the entitys chief financial officer.
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