Following are examples of control deficiencies that may

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Following are examples of control deficiencies that may represent significant deficiencies or material weaknesses. For each of the following scenarios, indicate whether the deficiency is a significant deficiency or material weakness. Justify your decision.

a.During its assessment of ICFR, the management of Lorenz Corporation and its auditors identified the following control deficiencies that 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. While the transactions that weren't recorded properly were not material, the gross amount of the transactions of that type totaled up to an amount several times materiality.

•A lack of timely reconciliations of the account balances affected by the improperly recorded transactions.

Reference no: EM13586256

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