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When communicating internal control-related matters noted in an audit of a nonpublic company, an auditor's report issued on significant deficiencies should indicate that :

A. Errors or fraud may occur and not be detected because there are inherent limitations in any internal control system.

B. The issuance of an unqualified opinion on the financial statements may depend on corrective follow-up action.

C. The deficiencies noted were not detected within a timely period by employees in the normal course of performing their assigned functions.

D. The purpose of the audit was to report on the financial statements and not to provide assurance on internal control.

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  • Category:- Accounting Basics
  • Reference No.:- M942633

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