Which of the Following Is Correct with Respect to Control

question 54

Multiple Choice

Which of the following is correct with respect to control deficiencies discovered during an audit?

• A) Auditors must communicate and recommend corrections relating to all material weaknesses in internal control to management.
• B) All material weaknesses in internal control should be reported to the audit committee.
• C) All such matters must be communicated to the audit committee and regulatory agencies.
• D) All control deficiencies are also significant deficiencies.

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Definitions:

Learning Curve

A graphical representation showing how an increase in learning improves performance over time, typically resulting in reduced costs, improved efficiency, or both.

Learning Rate

A measure of how quickly a person or an organization improves performance or reduces errors with experience over time.

Labour Hours

The total number of hours worked by employees, often used as a measure of labor cost or productivity in various contexts.

Learning Curve

The graphical representation of how an individual's or organization's performance improves over time as they gain experience or efficiency in a task.