https://referently.com/tags/internal-controls/ Recent content in internal controls on Referently.com Hugo -- gohugo.io en-us Sun, 17 May 2026 00:00:00 +0000 https://referently.com/material-weakness-vs.-significant-deficiency/ Sun, 17 May 2026 00:00:00 +0000 https://referently.com/material-weakness-vs.-significant-deficiency/ A material weakness and a significant deficiency are both deficiencies in a company’s internal controls over financial reporting — but they sit at different points on the severity scale, and the consequences of each are substantially different. What They Are Internal controls over financial reporting (ICFR) are the processes a company uses to ensure that its financial statements are accurate. Auditors and management evaluate these controls under frameworks like COSO and standards like PCAOB AS 2201 (for U.