a condition in which internal controls are not sufficient to ensure that errors or fraud that are material to the financial statements or performance measures would be detected timely in the normal course of events
a condition that precludes the internal controls from providing reasonable assurance that material misstatements in the financial statements will be prevented or detected on a timely basis
a control deficiency, or a combination of control deficiencies, that results in more than a remote likelihood that a material misstatement of the annual or interim financial statements will not be prevented or detected
a control deficiency (within the meaning of PCAOB Auditing Standard No
a deficiency in internal control over financial reporting that results in more than a remote likelihood that a material misstatement of annual or interim financial statements will not be prevented or detected
a deficiency in the internal control structure serious enough to cause errors or lead to acts of fraud
a reportable condition in which the design or operation of one or more elements of the internal control structure does not sufficiently reduce the risk of material errors and irregularities occurring and not being timely detected
a reportable condition of a magnitude discussed in the literature
a reportable condition of such magnitude that it could potentially result in material misstatements of financial condition
a reportable condition that does not reduce to a relatively low level the risk that employees in the normal course of their duties would not detect material errors or fraud in a timely manner
a reportable condition that does not reduce to a relatively low level the risk that material errors or fraud would not be detected in a timely manner by employees in the normal course of their duties
a significant deficiency in the design or operation of internal controls that, in our judgment, could reasonably lead to the loss of revenues or assets, or otherwise compromise fiscal accountability and go undetected
a significant deficiency that, by itself or in combination with other control deficiencies, results in more than a remote likelihood that a material misstatement in our annual or interim financial statements will not be prevented or detected
A reportable condition in which the design or operation of the internal control does not reduce to a relatively low level the risk that error, fraud, or noncompliance in amounts that would be material in relation to the principal statements or to performance measures may occur and not be detected within a timely period by employees in the normal course of their assigned duties.
A failure in a system of control, or a lack of control determined by the agency head to be important enough to be reported to the President and Congress. A weakness of this type could significantly impair fulfillment of an agency's mission; deprive the public of needed services; violate statutory or regulatory requirements; significantly weaken safeguards against waste, loss, unauthorized use or misappropriation of funds, property, or other assets; and/or result in a conflict of interest.
From Statements on Auditing Standards 60 & Communication of Internal Control Structure Related Matters Noted in an Audit: "A material weakness in the internal control structure is a reportable condition in which the design or operation of one or more of the internal control structure elements does not reduce to a relatively low level the risk that errors or irregularities in amounts that would be material in relation to the financial statements being audited may occur and not be detected within a timely period by employees in the normal course of performing their assigned functions."