What is the required communication for internal control deficiencies?
For an issuer (public company), is required to communicate the deficiency to management and internal audit. If the deficiency is a significant deficiency or a material weakness, then the audit team must also communicate the deficiency to the audit committee in writing.
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What are the three types of control deficiencies?
There are three levels of deficiencies that the auditor will report on in regard to the assessment of an organization’s internal controls. The three types include: Control deficiencies – A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, […]