Facts: During its assessment of the accounts payable department the interna

Facts:

During its assessment of the accounts payable department the internal audit function identified the following observations which have been agreed to by
management;

Management and the independent auditors has determined that an amount less than $20 million is inconsequential in impact and that an amount greater than $80
million is material in impact.

Questions:

I. Based only on these facts determine the following for each observation;.

II. Describe what should be communicated and to whom regarding these observations and conclusions by: