Which of the following best describes the responsibility of the auditor to report significant deficiencies and material weaknesses in an audit of a nonissuer?

Question

Quizplus · Accepted Answer

Choice "A" is correct. In an audit of a nonissuer, the auditor is required to communicate both significant deficiencies and material weaknesses to management and those charged with governance. Choice "B" is incorrect. The auditor is required to communicate significant deficiencies. Choice "C" is incorrect. The auditor's report includes the definition of significant deficiencies and a list of such deficiencies noted, followed by the definition of material weaknesses and a list of such weaknesses noted. Choice "D" is incorrect. Both significant deficiencies and material weaknesses are required to be communicated to management and those charged with governance.

Which of the Following Best Describes the Responsibility of the Auditor