When Reporting on Internal Control Deficiencies, an Auditor Need Not

question 29

Multiple Choice

When reporting on internal control deficiencies, an auditor need not report

• A) Significant deficiencies.
• B) Material weaknesses.
• C) Significant deficiencies for nonmajor funds.
• D) Immaterial differences.

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Definitions:

Economic Assets

Resources with economic value that an individual, company, or country owns or controls with the expectation that it will provide future benefits.

Wealth

Money and economic assets that a person or family owns.

Income

Amount of money a person receives, usually through wages or salaries.

Stocks

Shares of ownership in a corporation, representing a claim on part of the corporation's assets and earnings.