A significant deficiency: Question 44 options: Differs from a material weakness in that it involves internal control over operations rather than internal control over financial reporting. Involves an amount of discovered misstatements greater than the amount used as the planning measure of materiality. Is identical to a material weakness except that it need not be communicated to those responsible for oversight of the company's financial reporting. Is less severe than a material weakness.

Question

03-05-2021
Business

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A significant deficiency: Question 44 options: Differs from a material weakness in that it involves internal control over operations rather than internal control over financial reporting. Involves an amount of discovered misstatements greater than the amount used as the planning measure of materiality. Is identical to a material weakness except that it need not be communicated to those responsible for oversight of the company's financial reporting. Is less severe than a material weakness.

Sagot :

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andromache andromache · Answer 1 · 2021-05-04T21:46:56-04:00

Answer:

Is less severe than a material weakness

Explanation:

A significant deficiency refer to a single weakness or the weakness combination occurs in the internal control that are attached with the financial reporting. ALso it is less severe as compared with the material control weakness and yet it is enough for scrutiny for administering the financial reporting of an entity

So according to the given situation, the last option is correct

Sagot :

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