material weakness definition

material weakness means a deficiency, or a combination of deficiencies, in ICFR such that there is a reasonable possibility that a material misstatement of the reporting issuer’s annual or interim financial statements will not be prevented or detected on a timely basis;

material weakness has the meaning set forth under Rule 1-02 of Regulation S-X of the 1933 Act.

material weakness shall have the meaning assigned to it in the Statements of Auditing Standards 112 and 115, as in effect on the date hereof.

Examples of material weakness in a sentence

• Remediation to Address Material Weakness The Company does not plan to remediate the above mentioned weakness as the cost would outweigh the benefits.

• Based on this evaluation management concluded that a material weakness existed as of March 31, 2019, as described below.Previously Identified Material Weakness Not Fully Remediated – End User Computer (“EUC”)As of March 31, 2019, management concluded that the internal controls over Company-wide EUC spreadsheets are not fully remediated and constituted a material weakness.

• Material Weakness A material weakness is a deficiency (as defined in PCAOB Auditing Standard No 5), or a combination of deficiencies, such that there is a reasonable possibility that a material misstatement of the annual or interim financial statements will not be prevented or detected on a timely basis.

• Previously Identified Material Weakness Not Fully Remediated – End User Computer (“EUC”) As of March 31, 2019, management concluded that the internal controls over Company-wide EUC spreadsheets are not fully remediated and constituted a material weakness.

• Please see “Preliminary Results, Prior Period Misstatements and Material Weakness in Internal Controls Over Financial Reporting” above.

More Definitions of material weakness

material weakness has the meaning set forth under Rule 1-02 of Regulation S-X promulgated by the Commission.

material weakness in the Company's internal controls. For purposes of this Agreement, the terms "reportable condition" and "material weakness" shall have the meanings assigned to them in the Statements of Auditing Standards 60, as in effect on the date hereof.

material weakness shall have the same meaning ascribed by the American Institute of Certified Public Accountants, meaning a reportable condition in which the design or operation of one or more of the internal control components does not reduce to a relatively low level the risk that misstatements caused by error or fraud 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.

material weakness. Letters. Promptly after receipt thereof, a copy of any definitive letter citing a “material weakness” received by the Company or any of its Subsidiaries from its certified public accountants;

material weakness means 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.”

material weakness shall have the same meaning ascribed by the American Institute of Certified Public Accountants, meaning a significant deficiency, or combination of significant deficiencies, that results in more than a remote likelihood that a material misstatement of the financial statements will not be prevented or detected.

material weakness shall have the meaning ascribed thereto in PCAOB Auditing Standard No. 2 “An Audit of Internal Control Over Financial Reporting Performed in Conjunction with an Audit of Financial Statements.”