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Significant Deficiency An internal control deficiency that adversely affects the entity's ability to initiate, record, process, or report external financial data reliably in accordance with generally accepted accounting principles (GAAP). A significant deficiency could be a single deficiency or a combination of deficiencies, that results in more than a remote likelihood that a misstatement of the annual or interim financial statements that is more than inconsequential in amount will not be prevented or detected.
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