A material weakness is a situation in whicha. It is probable that an immaterial financial statement misstatement would not be detectedon a timely basis.b. There is a remote likelihood that a material misstatement would be detected on a timely basis.c. It is reasonably possible that a material misstatement would not be detected on a timelybasis.d. It is reasonably possible that an immaterial misstatement would not be detected on atimely basis.
A material weakness is a situation in whicha. It is probable that an immaterial financial statement misstatement would not be detectedon a timely basis.b. There is a remote likelihood that a material misstatement would be detected on a timely basis.c. It is reasonably possible that a material misstatement would not be detected on a timelybasis.d. It is reasonably possible that an immaterial misstatement would not be detected on atimely basis.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
A material weakness is a situation in which
a. It is probable that an immaterial financial statement misstatement would not be detected
on a timely basis.
b. There is a remote likelihood that a material misstatement would be detected on a timely basis.
c. It is reasonably possible that a material misstatement would not be detected on a timely
basis.
d. It is reasonably possible that an immaterial misstatement would not be detected on a
timely basis.
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