Question

To what degree, if at all, is a significant deficiency related to a material weakness? It is less severe than a material weakness. It is more severe than a material weakness. It is unrelated to a material weakness. It is equivalent to a material weakness.

Answer 1

Answer: It is less severe than a material weakness

Step-by-step explanation:

A SIGNIFICANT DEFICIENCY is described as a deficiency or an amalgamation of deficiencies that are NOT as severe as a MATERIAL WEAKNESS ( which is quite serious and must be reported to the Audit Committee and be reflected in the financial statements) but still important enough for those people in charge of the company's financial records to take notice.