Sec. 806. Definition of material weakness for contractor business systems
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Section 893 of the Ike Skelton National Defense Authorization Act for Fiscal Year 2011 ( Public Law 111–383 ; 10 U.S.C. 2302 note) is amended— by striking significant deficiencies both places it appears and inserting material weaknesses ; by striking significant deficiency each place it appears and inserting material weakness ; and by amending subsection (g)(4) to read as follows: The term material weakness means a deficiency or combination of deficiencies in the internal control over information in contractor business systems, such that there is a reasonable possibility that a material misstatement of such information will not be prevented, or detected and corrected, on a timely basis.
For purposes of this paragraph, a reasonable possibility exists when the likelihood of an event occurring— is probable; or is more than remote but less than likely. .
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- Pub. L. 111-383
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Sec. 806
Definition of material weakness for contractor business systems
Pub. L.Pub. L. 111-383
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