The minimum likelihood of loss involved in the consideration of a possible significant deficiency is:

Question

Quizplus · Accepted Answer

A significant deficiency refers to a weakness in internal control that is less severe than a material weakness, but important enough to be reported to the audit committee. The possibility of loss is reasonably possible in case of significant deficiencies. Therefore, the minimum likelihood of loss involved in the consideration of a possible significant deficiency is reasonably possible.

The Minimum Likelihood of Loss Involved in the Consideration of a Possible