When a material weakness is identified, the auditor should _______.
A)presume that a material misstatement exists in the financial statements
B)not presume that a material misstatement occurred in the financial statements
C)immediately request the internal audit function conduct a full review of the control issue
D)proceed with issuing an unmodified opinion

Question

Quizplus · Accepted Answer

Identifying a material weakness in internal control does not automatically mean that a material misstatement has occurred in the financial statements. The auditor should investigate further but should not presume a misstatement exists solely based on the identification of a material weakness.

When a Material Weakness Is Identified, the Auditor Should _______