Which of the Following Statements Is Correct Concerning Significant Deficiencies

question 429

Multiple Choice

Which of the following statements is correct concerning significant deficiencies in internal control with respect to an audit of a nonissuer?

• A) An auditor is required to search for significant deficiencies during an audit.
• B) All significant deficiencies are also considered to be material weaknesses.
• C) An auditor may communicate significant deficiencies during an audit or after the audit's completion.
• D) An auditor may report that no significant deficiencies were noted during an audit.

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Definitions:

Overconfidence And Egocentrism

The tendency to overestimate one's abilities or knowledge, often accompanied by a lack of empathy or consideration for others' perspectives.

Physical Appearance

Refers to the observable physical traits of an individual, including body shape, facial features, hair, and style, which can significantly influence both self-perception and social interactions.

Emotional Immaturity

A state characterized by a lack of emotional development, which impacts an individual's relationships and coping mechanisms.

Social Status

The relative position or rank of a person within a society or social group, often determined by wealth, occupation, or other social norms.