Which of the following would most likely be classified as a material weakness?
A)Absence of appropriate separation of duties.
B)Absence of appropriate reviews and approvals of transactions.
C)Evidence of failure of control activities.
D)Ineffective oversight of the financial reporting process by the company's audit committee.

Question

Quizplus · Accepted Answer

Ineffective oversight of the financial reporting process by the company's audit committee is a material weakness because it can lead to significant misstatements in financial reports, impacting the reliability of financial information.

Which of the Following Would Most Likely Be Classified as a Material