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
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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.

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