During the audit of wood pharmaceuticals, you are surprised to find several controldeficiencies in the company's internal control. you determine that there is a reasonablepossibility that any one of them could result in a misstatement that is significant. although the odds are extremely low that the deficiencies, singly or taken together, willresult in a material misstatement of the company's financial statements, the large numberof problems causes you concern. management's written assessment concludes that thecompany's icfr was effective as of the report date.

Question

Business

Ella Stanley

4 June, 13:01

During the audit of wood pharmaceuticals, you are surprised to find several controldeficiencies in the company's internal control. you determine that there is a reasonablepossibility that any one of them could result in a misstatement that is significant. although the odds are extremely low that the deficiencies, singly or taken together, willresult in a material misstatement of the company's financial statements, the large numberof problems causes you concern. management's written assessment concludes that thecompany's icfr was effective as of the report date.

+5

Answers (1)

Know the Answer?

Keyon Garcia · Answer 1

I gather from the referenced paragraph that a company called Wood Pharmaceuticals was being audited. The process of auditing revealed some concerning issues to include several control deficiencies in the company's internal control which could result in adversities. I would notify the folks in charge and inform them of the steps required to resolve the issue in a timely manner.