If control deficiencies related to long-lived assets are identified,the auditor will automatically assess those deficiencies as significant deficiencies.

Question

Quizplus · Accepted Answer

The auditor will not automatically assess deficiencies related to long-lived assets as significant deficiencies. The significance of the deficiency will depend on various factors such as the materiality of the assets, the significance of the control deficiency, and the likelihood of material misstatements. The auditor will evaluate the deficiency and determine whether it rises to the level of a significant deficiency or material weakness based on these factors.

If Control Deficiencies Related to Long-Lived Assets Are Identified,the Auditor