According to the International Professional Practices Framework, which of the following statements is correct regarding the communication of audit results?
I. Summary reports may be issued separately from or in conjunction with the final report.
II. Interim reports may be written or oral.
III. Detailed reports should always be issued to the audit committee.
IV. Interim reports should be used to communicate information which requires immediate attention.
According to the International Professional Practices Framework, summary reports may be issued separately from or in conjunction with the final report, interim reports may be written or oral, and interim reports should be used to communicate information which requires immediate attention. There is no strict requirement that detailed reports should always be issued to the audit committee. Therefore, the correct statements are I, II, and IV.
C - incorrect, because detailed report should issued to the client, to the owner of the risk. AK needs summary and highlight of the report