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:

Basic Contention

The fundamental disagreement or argument typically relating to a particular issue or theory.

Classical

Pertains to economic theories and models that emphasize free markets, competition, and the self-regulating nature of economies, first developed in the 18th and 19th centuries.

Wages

Payments made to workers or employees as compensation for their labor or services.

Prices

The monetary value assigned to goods and services, determined by various factors including supply and demand dynamics.