Lesson: The Communication Process

In this lesson, Nick Palazzolo, CPA, discusses the communication process for auditors when not all of those charged with governance are involved in management. The lesson highlights the need for auditors to communicate various findings and issues, such as material misstatements that were brought to the attention of management, significant findings during the audit, the auditor's views on certain matters, and written representations requested by the auditor. Establishing the communication process, including the form, timing, and expected general content of communication, is also covered. Furthermore, the importance of written communication and ensuring that all parties are well-informed during the audit process is emphasized.