What do you mean by 'Deficiency in internal control' and 'Significant deficiency in internal control'?

SA 265 "Communicating Deficiencies in Internal Control to Those Charged with Governance and Management", defines the deficiency in internal control and significant deficiency in internal control. Deficiency in internal control – This exists when: - (i) A control is designed, implemented or operated in such a way that it is unable to prevent, or detect and correct, misstatements in the financial statements on a timely basis or (ii) A control necessary to prevent, or detect and correct, misstatements in the financial statements on a timely basis is missing. Significant deficiency in internal control – A deficiency or combination of deficiencies in internal control that, in the auditor's professional judgment, is of sufficient importance to merit the attention of those charged with governance. The significance of a deficiency or a combination of deficiencies in internal control depends not only on whether a misstatement has actually occurred, but also on the likelihood that a misstatement could occur and the potential magnitude of the misstatement. Significant deficiencies may, therefore, exist even though the auditor has not identified misstatements during the audit.