A material weakness in internal control over financial reporting (ICFR) is defined as _______.
A)a deficiency, or a combination of deficiencies, in internal control over financial reporting
B)a single deficiency in internal control over financial reporting
C)multiple deficiencies in internal control over financial reporting
D)any account balance that the auditor has concluded is incorrect by more than a predetermined percentage

Question

Quizplus · Accepted Answer

A material weakness in internal control over financial reporting (ICFR) is defined as a deficiency, or a combination of deficiencies, in internal control over financial reporting. Therefore, choice A is the correct answer. Choices B, C, and D are not comprehensive enough to cover all aspects of a material weakness in ICFR.

A Material Weakness in Internal Control Over Financial Reporting (ICFR)