Recording

$19$:$55$

Time Remaining

$17$

Multiple Choice

$1$ point

A significant deficiency

is a control deficiency, or a combination of control deficiencies, in internal control over financial reporting that is less severe than a material weakness, yet important enough to merit attention by those responsible for oversight of the company's financial reporting.

exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis.

is a deficiency, or a combination of deficiencies, in ICFR, such that there is a reasonable possibility that a material misstatement of the annual or interim financial statements will not be prevented or detected on a timely basis.

is a control deficiency, or a combination of control deficiencies, in internal control over financial reporting that is more severe than a material weakness, yet important enough to merit attention by those responsible for oversight of the company's financial reporting.