Auditors of both public companies and private entities _______. A.have a responsibility to report internal control weaknesses to the internal audit function, for immediate rectification B.have a responsibility to report internal control weaknesses directly to the SEC C.have a responsibility to report internal control weaknesses directly to the shareholders of an entity, who in turn should address their concerns to management D.have a responsibility to report internal control weaknesses to those charged with governance of the entity

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Auditors of both public companies and private entities _______.

	A.	have a responsibility to report internal control weaknesses to the internal audit function, for immediate rectification
	B.	have a responsibility to report internal control weaknesses directly to the SEC
	C.	have a responsibility to report internal control weaknesses directly to the shareholders of an entity, who in turn should address their concerns to management
	D.	have a responsibility to report internal control weaknesses to those charged with governance of the entity

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