Click on the Player for career stats and accomplishments. Active players are listed in bold. Members of the Hall of Fame are marked with an asterisk (*).
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.
Accordingly, the task force felt that the definition of material weakness would be enhanced if it articulated the auditorâs consideration of the likelihood or risk of material misstatement to determine whether a control deficiency or set of control deficiencies constitutes a material weakness.aterial Weaknesses In Internal ControlâIssues paper IAASB Main Agenda (July 2006) Page 2006Â·1227 Agenda Item 3-A Page 7 of 24 weakness should continue to be defined in terms of the potential material misstatement of the financial statements.