Which of the following statements regarding audit findings is true? A cuaterial weakness is a deficiency in internal control important enough to merit attention by those charged with governance. A deficiency exists when the design or operation of a control does not allow management or employees to prevent, or detect and correct misstatements on a timely basis. A significant deficiency is a deficiency in internal control such that there is a reasonable possibility that a material misstatement of the entity's financial statements will not be prevented, or detected and corrected on a timely basis. All of the given statements are true