careful. However, several instances found during our inspections seemed to suggest otherwise, especially regarding the insufficiency of audit evidence to support its conclusions, inappropriate procedures
, automated interface controls, and/or general IT controls System Interfaces (Cont’d) 21 Example of ITGC risks and controls 22 Determine If a ITGC Deficiency Exists: Examples 23 Not a Control Deficiency • The
additional required steps in the audit process such as tests of opening balances, gaining understandings of client’s business and internal control system. Not only would the insufficiency of estimated
amount to be reduced, the management company shall make payment out of the management company in the amount equivalent to the difference representing the deficiency, or reduce the number of such remaining
management company shall make payment out of the management company in the amount equivalent to the difference representing the deficiency, or reduce the number of such remaining investment units and make
capital market. Nonetheless, the SEC still identified certain deficiencies in the quality control system in this inspection cycle such as rotation of auditors, insufficiency of human resources, completeness
damage, [ii] other circumstances indicating that the applicant is facing financial distress, or [iii] reasonable grounds to believe that the applicant has any deficiency or inappropriateness in operational
In case of report of deficiency found by the external auditor or internal auditor on deficiencies in internal control, the company fix the deficiency thoroughly. 14. The organization internally
and liquid asset prescribed by the Office shall act as follows: (1) preparing a report of the inadequacy of collateral and liquid asset in accordance with the form prescribed by the Office and submit to
addition, there is no reasonable ground to believe that the applicant has any deficiency or is not appropriate regarding control and sound business conduct; (3) being able to maintain capital funds and set