Which of the following statements is correct about an auditor's required communication with management and those charged with governance?
A)Any matters communicated to those charged with governance are also required to be communicated to the entity's management.
B)The auditor is required to discuss considerations relating to assessment of going concern.
C)The auditor does not have any requirement to communicate with anyone outside of management.
D)Weaknesses in internal control previously reported to those charged with governance are required to be communicated to those charged with governance after each subsequent audit until the weaknesses are corrected.

Question

Quizplus · Accepted Answer

The auditor is required to discuss considerations related to the assessment of going concern with management and those charged with governance. This is because the going concern assumption is a fundamental principle in the preparation of financial statements, and any concerns about the entity's ability to continue as a going concern need to be thoroughly communicated and understood by both management and those charged with governance.

Which of the Following Statements Is Correct About an Auditor's