The Internal Control Deficiencies Identified in a Financial Statement Audit

question 95

Multiple Choice

The internal control deficiencies identified in a financial statement audit may be reported in which of the following ways?

• A)Significant deficiencies are reported in a management letter.
• B)Material weaknesses are verbally reported to the audit committee.
• C)Deficiencies that fail to reach the level of significant deficiencies or material weaknesses are reported in a management letter.
• D)Significant deficiencies and material weaknesses may be verbally reported to both management and the audit committee.

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Definitions:

NLRB

The National Labor Relations Board, a government agency in the United States that oversees labor practices and enforces labor laws.

Employee Free Choice Act

Proposed U.S. legislation intended to ease the process for workers to form unions by allowing card check certification among other reforms.

First Contracts

The initial collective bargaining agreement reached between a newly formed or recognized labor union and the employer.

Negotiations

The process of discussion between two or more parties aimed at reaching a mutual agreement or understanding on a specific matter.