Which of the Following Is a Strong Indicator That a Material

question 28

Multiple Choice

Which of the following is a strong indicator that a material weakness in internal control exists?

• A)Restatement of previously issued financial statements to reflect a correction.
• B)Inadequate controls over non-routine transactions.
• C)Inadequate controls over the period-end financial reporting process.
• D)Weaknesses in a control activity.

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Definitions:

Positive Contributions

Beneficial acts or inputs provided by an individual or group that help achieve a goal, enhance productivity, or improve welfare.

Team Leader

An individual who is responsible for guiding, coordinating, and supervising the activities of a group towards achieving its goals.

Project Team

A group of individuals with diverse skills and roles brought together to work on a specific project, and oriented towards achieving the project's objectives.

Overall Scheme

a comprehensive plan or strategy that outlines the main objectives and methods to achieve them, covering all aspects of a project or organization.