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Definitions and Terminology
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material weakness
A material weakness is a significant deficiency, or combination of significant 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.
source: PCAOB AS no2:2004
a significant deficiency, or combination of significant 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.
source: Framework for Evaluating Control Excepti:IIA:2004
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