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Please advise me how to pick some point of answer for the question:
1. Whether this matter should be discussed with management? Why?
2. Whether this matter should be discussed with TCWG? Why?
3. Why this matter should be approached with professional skepticism?Thank you.
1. Because management needs to do something about it – e.g. adjust the financial statements, rectify a deficiency in control.
2. Because TCWG need to do something about it – e.g. if there are doubts regarding the integrity of management. Or if an ISA “says so” – e.g. requirement to communicate KAMs. Or a CG Code “says so” (is more relevant to UK than INT).
3. Because of the risk of taking the matter at face value – e.g. insufficent evidence on a matter but management prepared to offer a written representation – is not good enough.
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