Which One of the Following Represents a Classification of Control

question 90

Multiple Choice

Which one of the following represents a classification of control deficiency by the PCAOB?

• A)A missing control that is required for achievement of objectives.
• B)A control that operates as designed.
• C)A control that ensures the reliability of financial reporting.
• D)An immaterial individual misstatement in internal control.

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Definitions:

IFRS Rules

A specific set of standards and guidelines established under the IFRS framework for financial reporting and accounting.

Classified Balance Sheet

A classified balance sheet presents the assets, liabilities, and equity of a company in clearly defined categories, making it easier to understand the company's financial position.

Interperiod Tax Allocation

The process of distributing income tax expenses or benefits over different accounting periods to match taxes with the revenues they relate to.

Intraperiod Tax Allocation

The apportionment of income taxes within a financial reporting period to different components of net income and other comprehensive income.