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 eliminates 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 client corrected the material weakness prior to year-end and the auditor agrees that the correction eliminates the material weakness, there is no longer a material weakness in internal control. Therefore, the auditor can issue an unqualified audit report on internal control, meaning that the internal control is effective.

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