Which of the Following Is the Discovery of Material Weakness

question 46

Multiple Choice

Which of the following is the discovery of material weakness?

• A)conclusion that the company did not maintain effective ICFR over the period under audit.
• B)risk that an auditor expresses an inappropriate audit opinion when the financial statements are materially misstated.
• C)identification of accounts and related assertions most at risk of material misstatement.
• D)high, but not absolute, level of assurance in a judgment about matters that are subjective.

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Definitions:

Long Term

Referring to an extended period of time, typically considered to be several years or more.

Past Data

Refers to previously collected or observed data used for analysis, comparison, or prediction.

Subjective Approach

A method based on personal opinions, interpretations, points of view, emotions and judgment.

Financial Accounting

The field of accounting that focuses on reporting a company's financial information to external users, such as investors and creditors.