Restricting Access To Databases - Deficiency

Deficiency

Deficiency and Material Weakness Definitions:
• Preventative/Detective Control is missing; or
• Control objective is not met, or the control is not operating as designed; or
• The individual performing the control is not qualified or not authorized to perform the control.

An internal control deficiency exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements or errors in a timely basis.

Significant Deficiency is an internal control deficiency that adversely affects the entity’s ability to initiate, records, process, or report external financial data reliably in accordance with generally accepted accounting principles GAAP. A single or combination of deficiencies, that results in more than a remote likelihood that a misstatement of financial statements that is more than inconsequential in amount, and will not be prevented or detected.

Material Weakness is a significant deficiency that, by itself, or in combination with other significant deficiencies, results in more than a remote likelihood that a material misstatement of the financial statements will not be prevented or detected.

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Famous quotes containing the word deficiency:

    Free verse leaves out the meter and makes up
    For the deficiency by church intoning.
    Free verse, so called, is really cherished prose....
    Robert Frost (1874–1963)

    Shakespeare’s fault is not the greatest into which a poet may fall. It merely indicates a deficiency of taste.
    Denis Diderot (1713–1784)

    It is easier to discover a deficiency in individuals, in states, and in Providence, than to see their real import and value.
    Georg Wilhelm Friedrich Hegel (1770–1831)