Business and Personal Finance Dictionary

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• SIGNIFICANT DEFICIENCY
  
  Acontrol deficiency or combination of control deficiencies, that adversely affects the company's ability to initiate, authorize, record, process or report external financial data reliably in accordance with GAAP such that there is more than a remote likelihood that a misstatement of the company's annual or interim financial statements that is more than inconsequential will not be prevented or detected.
  
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