The following week, the audit partner on the file calls you into his office and says, "Now that you've had the audit file for a week, can you let me know what financial reporting issues you have found? I want to know if there are any updates needed to our approach, any materiality considerations, and what audit procedures are outstanding. In addition, the board chair is wondering what internal control improvements the management letter is likely to contain and if there are any suggestions to the board for improving their oversight