You Are Performing the Audit of Internal Control for Clifton

question 41

Multiple Choice

You are performing the audit of internal control for Clifton Company.Which of the following would represent a material weakness in internal control?

• A)The company's audit committee has experienced unusual turnover of members.
• B)The company's CFO was indicted for embezzling from the company.
• C)Bank reconciliations are done monthly.
• D)The CEO retired after twenty years of service to the company.

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Definitions:

Infants

are young children from birth up to 1 year old, characterized by rapid growth and development.

Privacy

The right of individuals to keep their personal matters and relationships secret or protected from the intrusion of others.

Interrupts

Acts or instances that cause a temporary cessation or disruption of an ongoing activity or process.

Psychosexual Maturity

The stage of psychological development at which a person's sexual instincts are integrated and maturely expressed.