Question: Explain the difference between a 'significant deficiency and material weakness in internal control. Give an example of each. b. To whom and how should the

Explain the difference between a 'significant deficiency" and "material weakness" in internal control. Give an example of each. b. To whom and how should the auditor communicate these internal control problems? Answer for both public and private companies. Be specific and reference both public and private standards.

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In the context of internal control a significant deficiency is a flaw or weakness in the internal control structure that is less severe than a materia... View full answer

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Explain the difference between a significant deficiency and material weakness in internal control. Provide an example of each.

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