What Is the Difference Between a Significant Deficiency and a Material

question 13

Essay

What is the difference between a significant deficiency and a material weakness?

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Definitions:

Felony

A felony is a serious crime usually punishable by imprisonment for more than one year or by death. Examples include murder, arson, and burglary.

Tax Return

A document filed with the tax authorities detailing income earned, taxes payable, and deductions claimed by an individual or entity.

False Statements

Intentionally dishonest declarations or representations, especially ones made under circumstances where truthfulness is expected or required.

Tax Returns

The documents filed with a taxing authority that report income, expenses, and other pertinent tax information.