During the audit of a nonissuer, the auditor identifies a material weakness in internal control. The auditor's report on the financial statements is unmodified. Which of the following is correct regarding the reporting of this material weakness?

It must be disclosed in an emphasis-of-matter paragraph in the audit report.

It must be communicated in writing to management and those charged with governance, but it is NOT disclosed in the audit report on financial statements.

It requires the auditor to issue an adverse opinion on the financial statements.

It must be reported to the SEC within 4 business days.