Which of the Following Is Most Likely to Be Considered

question 19

Multiple Choice

Which of the following is most likely to be considered a material weakness in internal control?

• A) An ineffective control environment.
• B) Restatement of previously issued financial statements due to a change in accounting principles.
• C) Inadequate controls over non-systematic transactions.
• D) Weaknesses in risk assessment.

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Definitions:

Contract

A binding legal agreement between two or more parties that is enforceable by law, specifying obligations each must fulfill.

Adult

An individual who has reached the age of maturity as defined by law, typically 18 years old in many countries, which qualifies them for full legal rights and responsibilities.

Minor

A person under the age of majority, legally recognized as not having the full legal capacity and rights of an adult.

Disaffirm

The legal right of a party to renounce or reject a contract, especially used in cases where one party is a minor or was deceived.