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.

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Ryder

Business

23 December, 06:56

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.

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Audrina Schmitt · 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.