An auditor identified a material weakness in internal control in August.The client was informed and the client corrected the material weakness prior to year-end (December 31);the auditor agrees that the correction eliminated the material weakness prior to year-end.The appropriate audit report on internal control under PCAOB standards on reporting on internal control is:

Question

Quizplus · Accepted Answer

Since the material weakness was corrected prior to year-end and the auditor agrees with the correction, there is no longer a material weakness in internal control. This means that no adverse, disclaimer or qualified opinion is required. An unqualified opinion would be the appropriate opinion in this situation.

An Auditor Identified a Material Weakness in Internal Control in August.The