A Deficiency, or a Combination of Deficiencies, in Internal Control

question 93

Multiple Choice

A deficiency, or a combination of deficiencies, in internal control such that there is a reasonable possibility that a material misstatement of the entity's financial statements will not be prevented, or detected and corrected, on a timely basis is best described as ________.

• A)a material weakness
• B)a significant deficiency
• C)a material deficiency
• D)a deficiency

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Definitions:

Mnemonic Device

A trick or technique used to improve memory by making information easier to remember.

Retrograde Amnesia

A loss of memory access to events that occurred, or information that was learned, before an injury or the onset of a disease.

Oldest Memories

The earliest memories an individual can recall, often from early childhood.

Intoxicated

A state where an individual's normal functioning is impaired by the consumption of alcohol or drugs.