Significant Professional Judgment Is Never Required to Decide Whether an Identified

question 98

True/False

Significant professional judgment is never required to decide whether an identified internal
control weakness is significant enough to warrant communicating to management.

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Definitions:

Statutory Provisions

Specific clauses or sections within a statute (law) enacted by a legislative body, governing various legal matters or actions.

Liability

The state of being responsible for something, especially by law, including debts or legal obligations.

Unlimited Liability

A legal obligation in business where owners are personally responsible for all debts incurred by the business.

Misappropriation

The unauthorized, improper, or unlawful use of funds or assets for purposes other than those for which they were intended.