Which of the following is a deficiency in internal control such that there is a reasonable possibility that a material misstatement of the entity's financial statements will not be prevented on a timely basis?
A)Material weakness
B)Deficiency in internal control
C)Significant deficiency
D)Immaterial weakness

Question

Quizplus · Accepted Answer

A material weakness is defined as a deficiency in internal control such that there is a reasonable possibility that a material misstatement of the entity's financial statements will not be prevented or detected on a timely basis. In other words, a material weakness is a significant deficiency in internal control that increases the risk of financial statement misstatements.

Which of the Following Is a Deficiency in Internal Control