A significant internal control deficiency is always considered a material weakness.

Question

Quizplus · Accepted Answer

A significant internal control deficiency may or may not be considered a material weakness, depending on factors such as the likelihood of financial statement misstatements and the significance of the deficiency to the overall system of internal control. Material weaknesses are those deficiencies that are reasonably likely to result in a material misstatement in the financial statements.

A Significant Internal Control Deficiency Is Always Considered a Material