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Critical Criteria in Assessing Identified Internal Control Deficiencies.
What general factors should be considered by an auditor in evaluating whether or not a control deficiency is a material weakness, or a significant deficiency, or a control issue of lesser severity?
Financial Information
Data related to the financial status of an entity, including balance sheets, income statements, and cash flow reports, used by stakeholders to make informed decisions.
Accounting Records
Documents and books that systematically record financial transactions and positions of a business.
Non-Financial Information
Information that is not monetary in nature, pertaining to qualitative aspects of a company's operations, such as customer satisfaction or employee engagement.
Management Accounting Information
Data and reports produced for internal use by the management of an organization, facilitating planning, decision-making, and operational control.
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