material weakness

Definition

Ineffective system in accounting practices that could possibly lead to a misrepresentation of data, which could occur if the internal checks and balances put in place by a firm are inadequate in discovering errors and preventing them from occurring again. If a material weakness is not addressed properly, the company runs the risk of damaging all future data regarding earnings and expenses. To properly resolve the problem it may involve employing the services of other management officials.

单词	material weakness
释义	material weakness Definition Ineffective system in accounting practices that could possibly lead to a misrepresentation of data, which could occur if the internal checks and balances put in place by a firm are inadequate in discovering errors and preventing them from occurring again. If a material weakness is not addressed properly, the company runs the risk of damaging all future data regarding earnings and expenses. To properly resolve the problem it may involve employing the services of other management officials.
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