Acca aaa s21 Notes

September 2021 to June 2022 exams
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5. Reporting deficiencies in internal controls
Deficiencies in internal control may be identified when assessing risks (ie at the planning stage) or at 
any later stage. ISA 265 
Communicating Deficiencies in Internal Control to Those Charged with 
Governance and Management
requires the auditor to determine whether deficiencies, individually or 
in combination, are 'significant'.
A significant deficiency is one that is sufficiently important to merit attention of TCWG. 
Factors influencing this include:
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The likelihood that the deficiencies will lead to material misstatement.
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The susceptibility to loss or fraud of the related asset or liability.
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The subjectivity and complexity of determining estimated amounts.
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The financial statement amounts exposed to the deficiencies.
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The volume of activity in the account balance or class of transactions exposed to the deficiency.
The auditor must communicate in writing significant deficiencies in internal control to TCWG on a 
timely basis.
Other deficiencies should be communicated to management at the appropriate level.
September 2021 to June 2022 exams
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Chapter 9