For purposes of the ISAs, the following terms have the meanings attributed below:
1. Deficiency in internal control: This exists when:

  1. A control is designed, implemented or operated in such a way that it is unable to prevent, or detect and correct, misstatements in the financial statements on a timely basis; or
  2. A control necessary to prevent, or detect and correct, misstatements in the financial statements on a timely basis is missing.

2. Significant deficiency in internal control: A deficiency or combination of deficiencies in internal control that, in the auditor’s professional judgment, is of sufficient importance to merit the attention of those charged with governance.


ISA 265 – Scope

ISA 265 – Objective

ISA 265 – Requirements