Select the necessary words from the list of possibilities to complete the following statements. Statements 1. Ineffective audit committee oversight of management is regarded as at least a 2. Maintaining effective internal control is the responsibility of the 3. A significant account is an account for which there is a reasonable possibility that it could contain 4. If the auditors conclude that material weaknesses exist in internal control they should issue a written communication to management and the in which they indicate that the audit of internal control cannot be completed. 5. Determining the allowance for doubtful accounts, establishing warranty reserves, and assessing assets for impairment are examples of that involve judgments or assumptions. Answer

Select the necessary words from the list of possibilities to complete the following statements. as of audit committee Committee of Sponsoring Organizations (cosO) entity level management management estimates (estimates) material misstatements. material weakness relevant assertion significant deficiency