PCAOB AS 2201 - Audit of Internal Control Over Financial Reporting (ICFR) ASTWO-7: Deficiency Evaluation, Material Weakness, and Communication

Per PCAOB AS 2201 paragraphs 62-69: deficiency evaluation + classification + communication. Requirements include (a) evaluate Deficiencies including severity considering likelihood + potential magnitude + compensating controls + (b) classify deficiencies as deficiency + significant deficiency + material weakness per AS 2201 definitions + (c) determine Material Weakness existence based on likelihood and magnitude of potential misstatement + (d) Communicate Deficiencies to management and audit committee + (e) communicate material weaknesses in writing to management + audit committee + (f) document evaluation including severity factors + classification + communication + (g) consider aggregated impact of deficiencies + remediation status + management response.