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[The following paragraph was effective before December 31, 2016. See PCAOB Release No. 2015-002PDF. The current standard can be found here.]

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During the course of an engagement to examine MD&A, the practitioner may become aware of significant deficiencies in the design or operation of internal control applicable to the preparation of MD&A that could adversely affect the entity's ability to prepare MD&A in accordance with the rules and regulations adopted by the SEC. The practitioner should consider the implications of such control deficiencies on his or her ability to rely on management's explanations and on comparisons to summary accounting records. A practitioner's responsibility to communicate these control deficiencies in an examination of MD&A is similar to the auditor's responsibility described in AU section 325, Communication of Internal Control Related Matters Noted in an Audit, and AU section 380, Communication With Audit Committees.