The name of the term used to describe deficiencies in internal control over financial reporting where there is a reasonable possibility that a material misstatement will not be detected on a timely basis is called:
A) Significant deficiency
B) Recklessness
C) Material weakness
D) Negligence

Question

Quizplus · Accepted Answer

The term used to describe deficiencies in internal control over financial reporting where there is a reasonable possibility that a material misstatement will not be detected on a timely basis is called a material weakness. A significant deficiency is a less severe type of deficiency in internal control, while recklessness and negligence refer to actions or behaviors of individuals, rather than control weaknesses.

The Name of the Term Used to Describe Deficiencies in Internal