Which of the following statements concerning material weaknesses and significant deficiencies is correct with respect to an audit of a nonissuer?

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Here is the solution for Which of the following statements concerning material weaknesses and significant deficiencies is correct with respect to an audit of a nonissuer?. The solution is given after the options.

Which of the following statements concerning material weaknesses and significant deficiencies is correct with respect to an audit of a nonissuer?

An auditor need not identify and communicate material weaknesses separately from significant deficiencies.

All material weaknesses are significant deficiencies.

An auditor should report immediately material weaknesses and significant deficiencies discovered during an audit.

All significant deficiencies are material weaknesses.

Correct Answer

All material weaknesses are significant deficiencies.

Explanation:

All material weaknesses are significant deficiencies. is the answer for Which of the following statements concerning material weaknesses and significant deficiencies is correct with respect to an audit of a nonissuer?

Conclusion:

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