Question 4The auditor of a large public company has determined that a material weakness exists in the client's internal controls over financial reporting. Which of the following statements is true? Weakness require an adverse opinion on the financial statements taken as a whole. The auditor should express an adverse opinion on internal controls only if a material misstatement was found in the financial statements. The auditor should express and adverse opinion on internal controls even though no material misstatements were found in the financial statements. The auditor is not required to express an opinion on internal controls.

Introduction:- A major failure in the client's internal controls over financial reporting has been…

Answered: Question 4 The auditor of a large…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question 4

The auditor of a large public company has determined that a material weakness exists in the client's internal controls over financial reporting. Which of the following statements is true?

		Weakness require an adverse opinion on the financial statements taken as a whole.
		The auditor should express an adverse opinion on internal controls only if a material misstatement was found in the financial statements.
		The auditor should express and adverse opinion on internal controls even though no material misstatements were found in the financial statements.
		The auditor is not required to express an opinion on internal controls.

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