Which of the following is correct?
A) A control deficiency is always a material weakness.
B) A material weakness is always a significant deficiency.
C) A material weakness is less significant that a control deficiency.
D) A significant deficiency is always a material weakness.

Question

Quizplus · Accepted Answer

A material weakness is a specific type of control deficiency that is severe enough to merit attention by those responsible for oversight of a company's financial reporting. Therefore, while not all control deficiencies are material weaknesses, a material weakness is indeed always considered a significant deficiency due to its potential impact on financial reporting.

Which of the Following Is Correct