Auditors often identify less significant internal control-related issues, as well as opportunities for the client to make operational improvements in the
A) adverse opinion.
B) Section 404 report.
C) management letter.
D) Type 1 report.

Question

Quizplus · Accepted Answer

The management letter is a communication to the client identifying less significant internal control-related issues and opportunities for operational improvements. The adverse opinion relates to a material weakness in internal controls. The Section 404 report refers to management's assessment of internal controls over financial reporting. The Type 1 report is a report on an organization's system and the suitability of the design of controls.

Auditors Often Identify Less Significant Internal Control-Related Issues, as Well