A Material Weakness in Internal Control Is a Significant Deficiency

question 17

Multiple Choice

A material weakness in internal control is a significant deficiency, or combination of significant deficiencies, that results

• A) From a material misstatement in the financial statements.
• B) In more than a remote likelihood that a material misstatement of the financial statements will not be prevented or detected.
• C) In a material misstatement of the financial statements.
• D) In a government having a qualified audit opinion on their financial statements.

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Definitions:

Advertisement

A notice or announcement promoting a product, service, or event through various mediums to attract public interest.

Local Newspaper

A newspaper focused on delivering news, information, and advertisements relevant to a specific city or region.

Validity of Contract

The legal enforceability of a contract, determined by its adherence to legal requirements such as agreement by competent parties, lawful subject matter, and consideration.

Rejected Offer

A proposal that has not been accepted by the party to whom it was extended.