Deficiencies in internal controls may cause significant losses, delay financial reporting, but cannot result in material misstatements in the financial statements.

Question

Quizplus · Accepted Answer

Deficiencies in internal controls can potentially result in material misstatements in the financial statements, which is why it is important for companies to have strong internal controls in place to prevent fraud and errors.

Deficiencies in Internal Controls May Cause Significant Losses, Delay Financial