Which of the Following Factors Is Not Relevant When Assessing

question 33

Multiple Choice

Which of the following factors is not relevant when assessing identified internal control deficiencies?

• A) Weaknesses in the control environment.
• B) The absence of a material misstatement in the financial statements.
• C) Volume of transactions affected by the deficiency.
• D) Effectiveness of oversight/governance.

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Definitions:

Antifraud Provisions

Sections within laws or regulations aimed at preventing deceitful practices and protecting parties from fraudulent activities.

Securities Exchange Act

A federal law enacted in the United States to regulate the trading of securities in the secondary market, to ensure transparency and fairness.

Internal Revenue Code

The body of law governing federal tax administration in the United States.

Felony

A serious crime, typically involving violence, regarded as more severe than a misdemeanor, and generally punishable by imprisonment for more than one year or by death.