Which must management communicate to the audit committee?
$\begin{array} { c c c }
& \text {Known Material Weakn?esses} & \text { Known Significant Deficiencies } \\end{array}$
A- $\begin{array} { c c c } \quad\quad\quad\text { Yes } &\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad \text { Yes } \\end{array}$
B- $\begin{array} { c c c }\quad\quad\quad \text { Yes } &\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad \text { No } \\end{array}$
C- $\begin{array} { c c c } \quad\quad\quad\text { No } & \quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\text {Yes } \\end{array}$
D- $\begin{array} { c c c }\quad\quad\quad \text { No } &\quad\quad\quad\quad \quad\quad\quad\quad\quad\quad\quad\quad\quad\text { No }
\end{array}$

Question

Which must management communicate to the audit committee? 
$\begin{array} { c c c } 
& \text {Known Material Weakn?esses} & \text { Known Significant Deficiencies  } \\end{array}$
A- $\begin{array} { c c c }  \quad\quad\quad\text { Yes } &\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad \text { Yes } \\end{array}$ 
B-  $\begin{array} { c c c }\quad\quad\quad \text { Yes } &\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad \text {  No } \\end{array}$
C-  $\begin{array} { c c c } \quad\quad\quad\text {  No } & \quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\text {Yes } \\end{array}$
D-  $\begin{array} { c c c }\quad\quad\quad \text { No } &\quad\quad\quad\quad \quad\quad\quad\quad\quad\quad\quad\quad\quad\text {  No }
\end{array}$

Quizplus · Accepted Answer

Management must communicate both known material weaknesses and known significant deficiencies to the audit committee. Material weaknesses represent a higher level of risk and are a subset of significant deficiencies. Both are important for the audit committee to be aware of in order to oversee the financial reporting and disclosure process effectively.

Which Must Management Communicate to the Audit Committee Known Material Weakn?esses Known Significant Deficiencies \begin{array} { c c c } & \text {Known Material Weakn?esses} & \text { Known Significant Deficiencies } \\\end{array}​Known Material Weakn?esses​ Known Significant Deficiencies ​

Which Must Management Communicate to the Audit Committee $\begin{array} { c c c } & \text {Known Material Weakn?esses} & \text { Known Significant Deficiencies } \\\end{array}$