SA 265:- Communicating Deficiencies in Internal Control to Those Charged with Governance and Management
Deficiency in internal control:-
This exists when:
a) 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
b) A control necessary to prevent, or detect and correct, misstatements in the financial statements on a timely basis is missing.