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Assessment of internal control over financial reporting

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Reference no: EM131711236

Question: During the assessment of internal control over financial reporting, management identified the following deficiencies. Based on the context in which the deficiencies occur, management and the external auditor agree that these deficiencies individually represent significant deficiencies:

• Inadequate segregation of duties over certain information system access controls.

• Several instances of transactions that were not properly recorded in subsidiary ledgers, transactions were not material, either individually or in the aggregate.

• A lack of timely reconciliations of the account balances affected by the improperly recorded transactions. Does the combination of these significant deficiencies represent a material weakness? Why or why not?

Reference no: EM131711236

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