From ABCretailer-internal control case

1. What are the key considerations when evaluating the severity of a deficiency in a control that directly addresses a risk of material misstatement?

2. Does the Assistant Controller's failure to adequately review the Vendor Change Form represent a deficiency in the design or operating effectiveness of the control?

3. Is the failure in the vendor request change form control indicative of a material weakness in internal control over financial reporting?

4. Would the deficiency warrant disclosure in the Company's Form 10-K, Item 9A? If so, what information would the Company be expected to disclose?

5. What implications does the deficiency have on other direct or indirect controls?