Which of the following would most likely be included in a SEC 10K filing in which a material weakness in internal control exists? $$\begin{array} { | l | c | c | }
\hline & \begin{array} { c }
\text { Financial } \
\text { Statement } \
\text { Audit } \
\text { Report }
\end{array} & \begin{array} { c }
\text { Intemal Control } \
\text { Audit Report }
\end{array} \
\hline \text { A. } & \text { Unqualified } & \text { Adverse } \
\hline \text { B. } & \text { Unqualified } & \text { Qualified } \
\hline \text { C. } & \text { Qualified } & \text { Qualified } \
\hline \text { D. } & \text { Adverse } & \text { Unqualified } \
\hline
\end{array}$$

Question

Which of the following would most likely be included in a SEC 10K filing in which a material weakness in internal control exists? $$\begin{array} { | l | c | c | } 
\hline & \begin{array} { c } 
\text { Financial } \
\text { Statement } \
\text { Audit } \
\text { Report }
\end{array} & \begin{array} { c } 
\text { Intemal Control } \
\text { Audit Report }
\end{array} \
\hline \text { A. } & \text { Unqualified } & \text { Adverse } \
\hline \text { B. } & \text { Unqualified } & \text { Qualified } \
\hline \text { C. } & \text { Qualified } & \text { Qualified } \
\hline \text { D. } & \text { Adverse } & \text { Unqualified } \
\hline
\end{array}$$

Quizplus · Accepted Answer

When a material weakness in internal control exists, the internal control audit report would be adverse, while the financial statement audit report can still be unqualified if the financial statements are fairly presented.

Which of the Following Would Most Likely Be Included in a SEC