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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.
more than one material weakness related to the audit committee. The results reported in Table 4 for fiscal 2011 identify the same top three audit committee material weaknesses as in Gramling et al. (2009): the lack of an audit committee, or the lack of a functioning audit committee (72%