Deficiencies in Internal Control Identified by the Auditor That Are

question 24

Multiple Choice

Deficiencies in internal control identified by the auditor that are lesser than significant deficiencies:

• A)Must be communicated to the board of directors,the audit committee,and management.
• B)Must be reported to the audit committee and management.
• C)Must be communicated to management,and the audit committee need only be informed of the communication to management.
• D)Need not be disclosed unless they in aggregate equal (at least)a significant deficiency.

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Definitions:

Series-Parallel Circuit

A circuit configuration that combines elements in both series and parallel to achieve desired electrical characteristics.

NOR Function

A logical operation that produces a true output only when all its inputs are false.

NAND Function

A binary operation that produces a false output only when all its inputs are true; it's often described as "NOT AND."

NOT Function

The NOT Function is a logical operation that inverts the state of its operand; if the input is true, the output is false, and vice versa, commonly used in digital electronics and programming.