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Frequently Asked Questions
Both are control deficiencies, but severity differs. A significant deficiency is less severe than a material weakness but important enough to merit attention. A material weakness means there's a reasonable possibility that a material misstatement won't be prevented or detected timely. Material weakness = worse.
Entity-level controls operate across the entire organization, like tone at the top, code of ethics, board oversight, and risk assessment processes. They're the "big picture" controls that influence the control environment and affect multiple processes and assertions.
Walkthroughs trace a transaction from initiation through processing to recording in the financial statements. They help auditors understand the flow of transactions, identify controls, and confirm their understanding of the system. They're required in integrated audits.
Tests of controls evaluate whether controls are operating effectively (did the control work?). Substantive procedures test whether the account balance or transaction is correct (is the number right?). You test controls to justify reliance; you do substantive work to verify amounts.