Is it reasonably possible that an error could occur

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Question

1. Cash receipts are not always deposited on a timely basis. (You noted several examples where cash was deposited 4 days after receipt.)

2. Inventory is not counted periodically.

3. No one reviews the account distributions in the purchases journal when the accounting manager takes his two-week vacation each year.

Which of the above would most likely be considered a material weakness?

Explain your answer.

a) Is it reasonably possible that an error could occur?

b) Could the error could be material?

Reference no: EM132382205

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