Contemporary Auditing 10th Edition by Michael Knapp

Exercise 94

What is the formal definition of a "material weakness" in internal control How do material weaknesses in internal control differ from "significant deficiencies" in internal control Identify the three material weaknesses in Exhibit 1 that you believe were most critical. Defend your choices. Can an organization's internal controls be so inadequate that it is not possible for the entity to be audited Defend your answer.