Material weakness
In accounting, material weakness means a deficiency, or combination of deficiencies, in ICFR such that there is a reasonable possibility a material misstatement will not be prevented or detected on a timely basis.
- Layer
- Lexicon
- Defined in
- Lexicon
- Nearby
- 1
Authority
This definition follows PCAOB AS 2201.
Every citation in this system, with the text we read and the date we checked it, is in US GAAP and where these rules come from.
What it is not called
Each of these is a real word for a different thing. Using it here is what makes a product read as though it was built by someone who has not done the work.
- finding unqualified
- audit issue
Components that render the terms it depends on
No component names this concept outright. Its definition is built out of terms that are named. These render basis.
Nearby in the catalog
No component names this concept outright. These are the ones in its part of the system, which is a weaker claim — but a component nothing links to is a component nobody finds.
8System & states
Family specTerms this one depends on
Also in Controls
Defined in Lexicon. This page is generated from that document, so the two cannot disagree.