With Respect to the Audit of a Nonissuer, Significant Deficiencies

question 422

Multiple Choice

With respect to the audit of a nonissuer, significant deficiencies are matters that come to an auditor's attention, which should be communicated to an entity's management and those charged with governance because they represent:

• A) Material irregularities or illegal acts perpetrated by high-level management.
• B) Deficiencies in the design or operation of internal control that could reasonably be expected to cause a non-inconsequential misstatement in the financial statements.
• C) Flagrant violations of the entity's documented conflict-of-interest policies.
• D) Intentional attempts by client personnel to limit the scope of the auditor's fieldwork.

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Definitions:

Environmental Conditions

These are the external factors and surroundings, including weather, climate, and other living and non-living elements, that affect organisms and ecosystems.

Active

Engaging in physical or mental activities, showing energetic work or participation.

Inactive

Inactive refers to a state of not engaging in physical activity or movement, often leading to a decline in health and fitness.

Chromosomes

Thread-like structures located inside the nucleus of animal and plant cells, made of protein and a single molecule of DNA, carrying genetic information.