SIGNIFICANT DEFICIENCY Definition

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SIGNIFICANT DEFICIENCY, in finance, is an internal control shortcoming in a highly important control area or an aggregation of such deficiencies that could result in a misstatement of the financial statements that is more than inconsequential.

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ASEAN (Association of Southeast Asian Nations) is a trading block of countries in SE Asia. Originally formed as an anti-communist military alliance, it is now focused on developing a free trade agreement among member nations.

CONSORTIUM is an association of companies for some definite purpose.

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