Say 5 major findings (Please ! Don't name your clients.)

Question

Accepted Answer

Major findings in audit engagements include control deficiencies, financial misstatements, regulatory non-compliance, and operational inefficiencies.

Identified control deficiencies in the inventory management process resulting in increased risk of theft and errors.
Discovered financial misstatements due to improper revenue recognition practices leading to inaccurate financial reporting.
Noted regulatory non-compliance with tax laws and regulations, potentially exposing the company to penalties and fines.
Uncovered operational inefficiencies in the accounts payable process, causing delays in vendor payments and impacting cash flow.
Identified weaknesses in IT controls, such as lack of password policies and inadequate data backup procedures, posing cybersecurity risks.

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