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A material weakness is a significant error or irregularity found in a companyâs financial information or internal controls. Internal controls are the rules and guidelines instituted by companies to protect their accounting information from a material weakness.f a material weakness exists, auditors will note the weakness in their final report and discuss the issue with company management. This meeting can help companies correct material weaknesses and ensure that no future financial statements or information contain errors from the error.
FORMAT FOR REPORTING MATERIAL WEAKNESSES. Title and Description of the Material Weakness. : Use a short title and provide a brief narrative summary describing the weakness and its scope; i.e. local, area wide, service wide, etc.If there is a source document use its title and description. No more than a three or four sentences description, if possible.Functional Category. : Indicate which Management Control Reporting Category (see Attachment A for list of categories) is applicable to this material weakness. Use a short title and provide a brief narrative summary describing the weakness and its scope; i.e. local, area wide, service wide, etc. If there is a source document use its title and description. No more than a three or four sentences description, if possible.