For the purposes of this Auditing Standard, the following terms have the meanings attributed below:
Deficiency in internal control means:
- A control is designed, implemented or operated in such a way that it is unable to prevent, or detect and correct, misstatements in the financial report on a timely basis; or
- A control necessary to prevent, or detect and correct, misstatements in the financial report on a timely basis is missing.
Significant deficiency in internal control means a deficiency or combination of deficiencies in internal control that, in the auditor’s professional judgement, is of sufficient importance to merit the attention of those charged with governance. (Ref: Para. A5)