Below are independent situations. What is the appropriate audit report to be issued on internal control over financial reporting as required by PCAOB auditing standards?
1.The auditor was unable to obtain any evidence about the operating effectiveness of internal control over financial reporting.
2.The auditor determined that a deficiency in internal control exists that will not prevent or detect a material misstatement in the financial statements.
3.During interim testing, the auditor identified and communicated to management a material weakness. Management immediately corrected the deficiency and the auditor was able to sufficiently test the newly-instituted internal control before the end of the fiscal period (and place reliance on it for the entire period)
4. As a result of performing tests of controls, the auditor identified a significant deficiency in internal control over financial reporting; however, the auditor does not believe that it represents a material weakness in internal control.