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Discuss the definition of a material weakness

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Reference no: EM131711238

Question: A large company has a standard sales contract, but sales personnel frequently modify the terms of the contract. Sales personnel frequently grant authorized and unrecorded sales discounts to customers without the knowledge of the accounting department. These amounts are deducted by the customers in paying their invoices and are recorded as outstanding balances on the accounts receivable aging schedule. Although these amounts are individually insignificant, they are material in the aggregate and have occurred consistently over the past few years. Does this scenario meet the definition of a material weakness? Why or why not?

Reference no: EM131711238

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