A material weakness is a situation in which: It is probable than an immaterial financial statement misstatement would not be detected on a timely basis. There is a remote likelihood that a material misstatement would not be detected on a timely basis. It is reasonably possible that a material misstatement would not be detected on a timely basis. It is reasonably possible that an immaterial misstatement would not be detected on a timely basis.
A material weakness is a situation in which: It is probable than an immaterial financial statement misstatement would not be detected on a timely basis. There is a remote likelihood that a material misstatement would not be detected on a timely basis. It is reasonably possible that a material misstatement would not be detected on a timely basis. It is reasonably possible that an immaterial misstatement would not be detected on a timely basis.
Auditing: A Risk Based-Approach (MindTap Course List)
11th Edition
ISBN:9781337619455
Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Chapter6: Audit Evidence
Section: Chapter Questions
Problem 2RQSC
Related questions
Question
Question 22
A material weakness is a situation in which:
It is probable than an immaterial financial statement misstatement would not be detected on a timely basis. |
||
There is a remote likelihood that a material misstatement would not be detected on a timely basis. |
||
It is reasonably possible that a material misstatement would not be detected on a timely basis. |
||
It is reasonably possible that an immaterial misstatement would not be detected on a timely basis. |
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Auditing: A Risk Based-Approach (MindTap Course L…
Accounting
ISBN:
9781337619455
Author:
Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:
Cengage Learning
Auditing: A Risk Based-Approach (MindTap Course L…
Accounting
ISBN:
9781337619455
Author:
Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:
Cengage Learning