# Material weakness

> Material weakness — 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.

Source: https://lopifi.com/glossary/material-weakness
Part of: Lopifi — US GAAP books on autopilot, checked by a CPA (https://lopifi.com)

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**What is 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.

## Words this system refuses for it

- finding unqualified
- audit issue

- **Category:** Controls
- **Specified in:** [Lexicon](https://lopifi.com/md/docs/domain/11-lexicon)
- **Related:** basis, icfr