A Material Weakness in Internal Control Over Financial Reporting (ICFR)

question 79

Multiple Choice

A material weakness in internal control over financial reporting (ICFR) is defined as _______.

• A)a deficiency, or a combination of deficiencies, in internal control over financial reporting
• B)a single deficiency in internal control over financial reporting
• C)multiple deficiencies in internal control over financial reporting
• D)any account balance that the auditor has concluded is incorrect by more than a predetermined percentage

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Definitions:

Working Memory

A cognitive system responsible for temporarily holding information available for processing, important for reasoning and the guidance of decision-making and behavior.

Phone Number

A sequence of digits assigned to a telephone line that enables it to be reached from other telephones.

Executive Functioning

A set of cognitive processes that include working memory, flexible thinking, and self-control, which are necessary for managing everyday tasks.

Physical Development

Growth of body and brain, including patterns of change in sensory capacities, motor skills, and health.