Definition
ICFR Deficiency – A deficiency, or combination of deficiencies, in a company's internal control over financial reporting (ICFR) severe enough that there's a reasonable possibility a material misstatement in the financial statements wouldn't be prevented or caught in time. Common at newly-public companies that scaled up reporting obligations faster than their accounting systems and staffing — the SEC requires disclosure of known material weaknesses and a remediation plan, but disclosure itself doesn't mean the underlying numbers are wrong, only that the process producing them isn't yet reliably controlled. Found In: Controls and Procedures (10-Q/10-K Item 4), Risk Factors