$1: The auditor should be on constant alert for indications of a breakdown or weaknesses in internal control which includes numerous checks payable to cash, not up to date recording, chaotic filing of supporting documents, numerous adjustments, and documents supporting cash disbursements are not canceled ona timely basis. $2: The document where the auditor communicates reportable conditions is called a management letter or an internal control letter. $3: There is no standard form in communicating reportable conditions. A: Ifall statements are correct. B-If only one statement is correct. C- If only two statements are correct. D- If all statements are incorrect.
$1: The auditor should be on constant alert for indications of a breakdown or weaknesses in internal control which includes numerous checks payable to cash, not up to date recording, chaotic filing of supporting documents, numerous adjustments, and documents supporting cash disbursements are not canceled ona timely basis. $2: The document where the auditor communicates reportable conditions is called a management letter or an internal control letter. $3: There is no standard form in communicating reportable conditions. A: Ifall statements are correct. B-If only one statement is correct. C- If only two statements are correct. D- If all statements are incorrect.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
$1: The auditor should be on constant alert for indications of a breakdown or weaknesses in internal control which includes numerous checks payable to cash, not up to date recording, chaotic filing of supporting documents, numerous adjustments, and documents supporting cash disbursements are not canceled ona timely basis.
$2: The document where the auditor communicates reportable conditions is called a management letter or an internal control letter.
$3: There is no standard form in communicating reportable conditions.
A: Ifall statements are correct.
B-If only one statement is correct.
C- If only two statements are correct.
D- If all statements are incorrect.
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