For each independent situation below (down the left side), choose the appropriate internal control audit opinion (across the top). [4 points each]

			Unqualified	Qualified	Adverse	Disclaimer
Management went through the process of assessing internal controls and believes that internal controls are effective. The auditor performed the appropriate level of control testing and has identified no material weakness.
Management went through the process of assessing internal controls and identified 2 material weaknesses in internal controls and, therefore, concluded the internal controls are not effective. There is not time to correct the weakness prior to the fiscal year-end. The auditor performed the appropriate level of control testing and has identified the same 2 material weaknesses.
Management went through the process of assessing internal controls and believes that the internal controls are effective. The auditor has performed the necessary testing and has identified four significant deficiencies that all relate to the same class of transactions and same assertion (which is the primary concern for that type of transaction and is a BIG problem because there are a significant number of large dollar-value transactions of that type).