Which of the Following Statements Included in Management's Assessment of the Effectiveness

question 32

Multiple Choice

Which of the following statements included in management's assessment of the effectiveness of internal control over financial reporting would not cause the auditor to disclaim an opinion?

• A)Management includes disclosures about corrective actions taken by the entity after the date of management's assessment.
• B)The entity plans to implement new controls.
• C)Management believes the cost of correcting a material weakness would exceed the benefits derived from implementing the new controls.
• D)Disclosure of material weaknesses corrected during the period.

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Definitions:

Executive Function

Executive Function refers to a set of cognitive processes that are necessary for the cognitive control of behavior, including working memory, flexible thinking, and self-control.

Agent Self

The aspect of an individual that is involved in making decisions and taking actions, emphasizing agency and self-control.

Public Self

The aspect of an individual's self-concept that is concerned with the image they present in social contexts.

Self-Regulation

The process people use to control and change their thoughts, feelings, and behaviors.