Which of the following is the discovery of material weakness?
A)conclusion that the company did not maintain effective ICFR over the period under audit.
B)risk that an auditor expresses an inappropriate audit opinion when the financial statements are materially misstated.
C)identification of accounts and related assertions most at risk of material misstatement.
D)high, but not absolute, level of assurance in a judgment about matters that are subjective.

Question

Quizplus · Accepted Answer

The discovery of material weakness is the conclusion that the company did not maintain effective internal control over financial reporting (ICFR) over the period under audit. This means the company has a deficiency in its ICFR that could result in material misstatements in its financial statements.

Which of the Following Is the Discovery of Material Weakness