The year-end cash balance is material to the financial statements. You identified three deficiencies regarding controls over cash, and each is individually classified as a significant deficiency. Misstatements in the cash account are frequent and one misstatement was equal to the amount required to meet bank loan covenants. State whether your audit opinion for this company's internal control effectiveness would be unqualified or adverse

Answer rating: 100% (QA)

An adverse opinion on the companys internal control effectiveness is appropriate in this scenario Heres why Materiality Cash is a critical component o... View the full answer