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This paper outlines a suggested framework for evaluating exceptions and deficiencies resulting from the evaluation of a company’s internal control over financial reporting. The framework was developed by the representatives of nine major accounting firms with contribution from William F. Messier, Jr., Professor, Georgia State University. The framework represents a thought process that will require significant judgment. The objective of the framework is to assist knowledgeable and experienced individuals in evaluating deficiencies in a consistent manner.
Although this framework was developed and issued in December 2004 and prior to the introduction of Audit Standard 5, it provides an excellent tool to apply judgment while evaluating deficiencies. |
| Download:Framework for Evaluating Control Deficiencies11.pdf |
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