Question

Which of the following is least likely to represent a material weakness in internal control for Flynt Corporation?

1) Inadequate segregation of duties
2) Lack of management oversight
3) Effective whistleblower program
4) Inadequate documentation of transactions

Answer 1

The least likely option for a material weakness in internal control for Flynt Corporation is an effective whistleblower program, as it promotes transparency and accountability.

Step-by-step explanation:

The least likely option to represent a material weakness in internal control for Flynt Corporation is 3) Effective whistleblower program. An effective whistleblower program encourages employees to report any unethical or illegal activities within the company, which helps in preventing and detecting fraud. It strengthens internal controls and promotes transparency and accountability.

On the other hand, options 1) Inadequate segregation of duties, 2) Lack of management oversight, and 4) Inadequate documentation of transactions are more likely to represent material weaknesses in internal control. Each of these options can lead to errors, fraud, or inefficiency in the company's financial reporting and operations.