Significant deficiency in internal control over financial reporting means deficiency which is less severe than material weakness yet it is important enough to draw attention of those charged with governance. Any identified significant deficiency should be communicated to management and to those with governance. To describe: The required communication in case of significant deficiency to the management.

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Answer 1

Question

Chapter 6, Problem 6.31P

a.

To determine

Concept Introduction:Significant deficiency in internal control over financial reporting means deficiency which is less severe than material weakness yet it is important enough to draw attention of those charged with governance. Any identified significant deficiency should be communicated to management and to those with governance.

To describe:The required communication in case of significant deficiency to the management.

b.

To determine

Concept Introduction:A material weakness is a deficiency in internal controls which provides that material misstatement in the company’s financial statements will be not prevented or detected on a timely basis. An identified material weakness to be communicated to management and those charged with governance on timely basis.

To describe:Change in communication in case of material weakness.

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Answer 2

Question

Chapter 6, Problem 6.31P

a.

To determine

Concept Introduction:Significant deficiency in internal control over financial reporting means deficiency which is less severe than material weakness yet it is important enough to draw attention of those charged with governance. Any identified significant deficiency should be communicated to management and to those with governance.

To describe:The required communication in case of significant deficiency to the management.

b.

To determine

Concept Introduction:A material weakness is a deficiency in internal controls which provides that material misstatement in the company’s financial statements will be not prevented or detected on a timely basis. An identified material weakness to be communicated to management and those charged with governance on timely basis.

To describe:Change in communication in case of material weakness.

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Answer 3

Question

Chapter 6, Problem 6.31P

a.

To determine

Concept Introduction:Significant deficiency in internal control over financial reporting means deficiency which is less severe than material weakness yet it is important enough to draw attention of those charged with governance. Any identified significant deficiency should be communicated to management and to those with governance.

To describe:The required communication in case of significant deficiency to the management.

b.

To determine

Concept Introduction:A material weakness is a deficiency in internal controls which provides that material misstatement in the company’s financial statements will be not prevented or detected on a timely basis. An identified material weakness to be communicated to management and those charged with governance on timely basis.

To describe:Change in communication in case of material weakness.

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Answer 4

Question

Chapter 6, Problem 6.31P

a.

To determine

Concept Introduction:Significant deficiency in internal control over financial reporting means deficiency which is less severe than material weakness yet it is important enough to draw attention of those charged with governance. Any identified significant deficiency should be communicated to management and to those with governance.

To describe:The required communication in case of significant deficiency to the management.

b.

To determine

Concept Introduction:A material weakness is a deficiency in internal controls which provides that material misstatement in the company’s financial statements will be not prevented or detected on a timely basis. An identified material weakness to be communicated to management and those charged with governance on timely basis.

To describe:Change in communication in case of material weakness.

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Answer 5

Chapter 6, Problem 6.31P

a.

To determine

Concept Introduction:Significant deficiency in internal control over financial reporting means deficiency which is less severe than material weakness yet it is important enough to draw attention of those charged with governance. Any identified significant deficiency should be communicated to management and to those with governance.

To describe:The required communication in case of significant deficiency to the management.

b.

To determine

Concept Introduction:A material weakness is a deficiency in internal controls which provides that material misstatement in the company’s financial statements will be not prevented or detected on a timely basis. An identified material weakness to be communicated to management and those charged with governance on timely basis.

To describe:Change in communication in case of material weakness.

Answer 6

Chapter 6, Problem 6.31P

a.

To determine

Concept Introduction:Significant deficiency in internal control over financial reporting means deficiency which is less severe than material weakness yet it is important enough to draw attention of those charged with governance. Any identified significant deficiency should be communicated to management and to those with governance.

To describe:The required communication in case of significant deficiency to the management.

Answer 7

Chapter 6, Problem 6.31P

a.

To determine

Concept Introduction:Significant deficiency in internal control over financial reporting means deficiency which is less severe than material weakness yet it is important enough to draw attention of those charged with governance. Any identified significant deficiency should be communicated to management and to those with governance.

To describe:The required communication in case of significant deficiency to the management.

Answer 8

b.

To determine

Concept Introduction:A material weakness is a deficiency in internal controls which provides that material misstatement in the company’s financial statements will be not prevented or detected on a timely basis. An identified material weakness to be communicated to management and those charged with governance on timely basis.

To describe:Change in communication in case of material weakness.

Answer 9

b.

To determine

Concept Introduction:A material weakness is a deficiency in internal controls which provides that material misstatement in the company’s financial statements will be not prevented or detected on a timely basis. An identified material weakness to be communicated to management and those charged with governance on timely basis.

To describe:Change in communication in case of material weakness.

Answer 10

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Answer 11

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Answer 12

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Answer 13

Ch. 6 - Prob. 6.1RQ Ch. 6 - Prob. 6.2RQ Ch. 6 - Prob. 6.3RQ Ch. 6 - Prob. 6.4RQ Ch. 6 - Prob. 6.5RQ Ch. 6 - Prob. 6.6RQ Ch. 6 - Prob. 6.7RQ Ch. 6 - Prob. 6.8RQ Ch. 6 - Prob. 6.9RQ Ch. 6 - Prob. 6.10RQ

Solution Summary: The author explains that significant deficiency in internal control over financial reporting is less severe than material weakness but important enough to draw attention of those charged with governance.

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Chapter 6 Solutions