ISA 265 Communication of deficiencies in internal control to management and those charged with governance specifies control deficiencies to be communicated to those charged with governance and management.
Required:
State THREE items to be captured in a management letter. (3 marks)
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- Transmittal or cover letter
- Executive summary
- Addressee
- Deficiencies
- Implication of deficiencies
- Recommendation
- Risk rating of deficiencies
- Conclusion
(Any 3 points)