An auditor identified a material weakness in internal control in December.The client was informed and the client corrected the material weakness shortly after year-end (December 31); the auditor agrees that the correction eliminates the material weakness as of January 31.The appropriate audit report on internal control under PCAOB standards on reporting on internal control is:

Question

Quizplus · Accepted Answer

The auditor must issue an adverse opinion because a material weakness existed at the end of the reporting period, even though it was corrected shortly after year-end.

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