Which situation is of least concern to an auditor assessing risks of material misstatement?

The situation involving checks being signed by one individual is of least concern to an auditor assessing risks of material misstatement because, while it does present a potential control weakness, it can be mitigated by other internal controls and oversight mechanisms.

In an effective internal control system, there are often compensating controls in place that provide additional layers of oversight. For example, if checks are signed by a single individual, this risk could be lessened if there are regular reviews of the transaction by management or if there's a dual control approach where other checks and balances exist, such as reconciliation processes.

In contrast, the other scenarios present more pressing risks. For instance, having checks distributed by the controller or the absence of daily deposits for cash receipts can open avenues for mishandling or misappropriation of funds. Similarly, the lack of verification by the treasurer on check payees raises significant concern regarding unauthorized payments, increasing the risk of fraud.

Thus, while any situation involving cash disbursements merits attention, the context of controls surrounding check signing leads to the conclusion that this particular scenario is comparatively less concerning in the risk assessment process.