If There Is a Material Weakness in Internal Control Over

question 114

Multiple Choice

If there is a material weakness in internal control over the financial reporting process,the auditor

• A)expresses a qualified opinion on the effectiveness of internal control over financial reporting
• B)considers the effect of compensating controls and whether the compensating control prevents or detects a material misstatement in the financial statements
• C)expresses a subject to opinion on the effectiveness of internal control over financial reporting
• D)expresses an adverse opinion on the effectiveness of internal control over financial reporting

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Definitions:

Short-term Relationship

A relationship limited in duration, often established with specific and time-sensitive objectives.

Long-term Relationship

An association or connection between parties, such as individuals or organizations, that is sustained over an extended period, often characterized by ongoing interaction and mutual benefits.

Silence

The absence of verbal communication, which can convey meaning or express contemplation.

Verbal Vacuum

A communication strategy where one intentionally remains silent, encouraging the other party to talk more and potentially reveal more information or concessions.