Which of the following would not be a factor in whether a control weakness would be considered to be a material weakness as opposed to a significant deficiency?
A)The materiality of the related balance.
B)The volume of transactions affected.
C)The subjectivity of the account balance.
D)The nature of the client's industry.

Question

Quizplus · Accepted Answer

The nature of the client's industry may be a relevant factor in determining the control weakness, but it is not a determining factor in whether it is considered a material weakness or a significant deficiency. The materiality of the related balance, the volume of transactions affected, and the subjectivity of the account balance are all factors that can contribute to the determination of whether a control weakness is a material weakness or a significant deficiency.

Which of the Following Would Not Be a Factor in Whether