The correct answers are: The related asset or liability is susceptible to loss or fraud; The related control plays a large part in the financial reporting process

The following will increase the likelihood of a deficiency being a 'significant' deficiency.

• An increased likelihood of the deficiencies resulting in material misstatements in the financial statements in the future

• A susceptibility to loss or fraud of the related asset or liability

• A high degree of subjectivity and complexity of determining estimated amounts

• The amounts exposed to the deficiencies are large

• The volume of activity that has occurred or could occur is high

• The related control is considered important to the financial reporting process

• A high frequency of the exceptions identified as a result of the deficiencies

• The deficiency interacts with other deficiencies in internal control