Sec. 845. Definition of business system deficiencies 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 paragraph
(4)of subsection
(g)to read as follows: The term material weakness means a deficiency, or combination of deficiencies, in internal control over risks related to Government contract compliance or other shortcomings in the system, such that there is a reasonable possibility that a material noncompliance will not be prevented, or detected and corrected, on a timely basis. A reasonable possibility exists when the likelihood of an event occurring is either reasonably possible, meaning the chance of the future event occurring is more than remote but less than likely, or is probable. .
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- Pub. L. 111-383
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Sec. 845
Definition of business system deficiencies for contractor business systems
Pub. L.Pub. L. 111-383
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