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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.
A material defect is a specific issue with a system or component of a residential property that may have a significant, adverse impact on the value of the property, or that poses an unreasonable risk to people. It is the inspector's own experience and judgment that enable him/her to make the ultimate decision to call out a defect as material, which is why there is no specific photo or lengthy checklist that can teach or tell the inspector what constitutes one (although we've made an effort for purposes of this article).