"A significant deficiency, or combination of significant deficiencies, that results in more than a remote likelihood that a material misstatement of the annual or interim financial statements will not be prevented or detected" is the definition of:
A) a material weakness.
B) a significant deficiency.
C) a control deficiency.
D) a material misstatement.
E) an internal control deficiency.

Question

Quizplus · Accepted Answer

A material weakness is defined as a significant deficiency, or a combination of significant deficiencies, in internal control over financial reporting, 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.

"A Significant Deficiency, or Combination of Significant Deficiencies, That Results