Significant deficiencies are defined as conditions that
A. Could adversely affect the organization’s ability to initiate, record, process, and report financial data in the financial statements.
B. Result in a reasonable possibility that a material misstatement exists in financial statements.
C. Exist when the design or operation of a control does not allow the company’s management or employees to detect or prevent misstatements in a timely fashion.
D. Relate to either a necessary control that is missing or an existing control that is so poorly designed that it fails to satisfy the control’s objective.
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