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material weakness

A deficiency or a combination of deficiencies in internal control, such that there is a reasonable possibility that a material misstatement will not be prevented or detected on a timely basis. Weakness in control is considered "material" if the absence of the control results in failure to provide reasonable assurance that the control objective will be met. A weakness classified as material implies that: Controls are not in place and/or controls are not in use and/or controls are inadequate Escalation is warranted There is an inverse relationship between materiality and the level of audit risk acceptable to the IS audit or assurance professional, i.e., the higher the materiality level, the lower the acceptability of the audit risk, and vice versa.

material weakness

: 1 phrase in 1 subject

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