It is not possible for a material weakness in internal control over financial reporting to exist even though the financial statements are not materially misstated.

Question

Quizplus · Accepted Answer

If the financial statements are not materially misstated, there is a possibility that a material weakness in internal control over financial reporting does not exist. However, it is not a definite conclusion as the material misstatement may have been prevented due to factors such as compensating controls or management review procedures. Therefore, it is incorrect to state that a material weakness in internal control over financial reporting cannot exist even when the financial statements are not materially misstated.

It Is Not Possible for a Material Weakness in Internal