Page 286 - COSO Guidance Book

Exhibit 7-2: Example of a written communication indicating that no material
weaknesses were identified during the audit of a not-for-profit organization

(continued)
Our consideration of internal control was for the limited purpose described in the first
paragraph and was not designed to identify all deficiencies in internal control that might be
material weaknesses. Given these limitations, during our audit we did not identify any
deficiencies in internal control that we consider to be material weaknesses. However,
material weaknesses may exist that have not been identified.

[If one or more significant deficiencies have been identified, the auditor may add the
following: Our audit was also not designed to identify deficiencies in internal control that
might be significant deficiencies. A significant deficiency is a deficiency, or a combination of
deficiencies, in internal control that is less severe than a material weakness, yet important
enough to merit attention by those charged with governance. We communicated the
significant deficiencies identified during our audit in a separate communication dated [date].]
This communication is intended solely for the information and use of management, [identify
the body or individuals charged with governance], others within the organization, and [identify
any governmental authorities to which the auditor is required to report] and is not intended to
4
be, and should not be, used by anyone other than these specified parties.

4
See footnote 3.

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