A Material Weakness Is

question 49

Multiple Choice

A material weakness is:

• A)a control deficiency or a combination of control deficiencies that adversely affects the company's ability to initiate,authorize,record,process,or report internal financial data reliably in accordance with an applicable financial reporting framework
• B)a control deficiency or a combination of control deficiencies that adversely affects the company's ability to initiate,authorize,record,process,or report external financial data reliably in accordance with an applicable financial reporting framework
• C)a significant deficiency or combination of significant deficiencies that results in a remote likelihood that a material misstatement in the financial statements would not be prevented or detected
• D)a significant deficiency or combination of significant deficiencies that result in more than a remote likelihood that a material misstatement in the financial statements would not be prevented or detected

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Definitions:

Retract

To withdraw a statement, accusation, or commitment, often formally or publicly.

Defect

A flaw or imperfection in a product, system, or process that detracts from its intended function.

People Skills

The ability to communicate, interact, and work well with others effectively.

Training

Training refers to the process of teaching or developing in oneself or others, any skills and knowledge that relate to specific useful competencies.