Whether the board or audit committee understands and exercises oversight responsibility over financial reporting and internal control.
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There was no requirement for PwC to acknowledge missing the internal control holes that the whale trades exploited.
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This Circular emphasizes the need for integrated and coordinated internal control assessments that synchronize all internal control-related activities.
WHITEHOUSE: OMB Circular A-123 - Management's Responsibility for Internal Control | The White House
How much inspiration does the annual budgeting process, the latest internal control or your most recent performance review invoke?
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At the time, the exchange also expressed concerns about internal control issues related to Bodisen's accounting and financial reporting obligations.
The circular also emphasizes the need for agencies to integrate and coordinate internal control assessments with other internal control-related activities.
WHITEHOUSE: OMB Circular A-123 - Management's Responsibility for Internal Control | The White House
Management shall consistently apply the internal control standards to meet each of the internal control objectives and to assess internal control effectiveness.
WHITEHOUSE: OMB Circular A-123 - Management's Responsibility for Internal Control | The White House
Deferral of internal control audits has become the norm, although the cost savings of doing so are perhaps not as great as envisioned.
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Under Auditing Standard 5, passed in mid-2007, the audit of internal control over financial reporting is now integrated with the audit of the financial statements.
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This Circular provides guidance to Federal managers on improving the accountability and effectiveness of Federal programs and operations by establishing, assessing, correcting, and reporting on internal control.
WHITEHOUSE: OMB Circular A-123 - Management's Responsibility for Internal Control | The White House
On July 13, 2012, JPMorgan management, not PwC the auditors, reported that a material weakness existed in its internal control over financial reporting as of March 31, 2012.
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In particular, the Department of Justice could bring Sarbanes-Oxley Section 302 claims against the Lehman CEO and CFO who signed their annual and quarterly internal control certifications.
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Management is responsible for establishing and maintaining internal control to achieve the objectives of effective and efficient operations, reliable financial reporting, and compliance with applicable laws and regulations.
WHITEHOUSE: OMB Circular A-123 - Management's Responsibility for Internal Control | The White House
A-123 defines management's responsibility for internal control in Federal agencies.
WHITEHOUSE: OMB Circular A-123 - Management's Responsibility for Internal Control | The White House
More than 30 years ago the U.S. Department of Labor devised a mechanism for dealing with problematic conflicts of interest, governance and internal control issues within corporate pension plans.
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An analysis of CECONY internal control processes and systems showed that there were breakdowns in the controls and that these breakdowns provided opportunities for the arrestees to perpetrate fraud.
Resignations are more common when litigation is in the wind and dismissals more frequently result from disagreements about issues such as internal control weaknesses and the reliability of financial reporting.
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The SEC Complaint charged Peterson with with violations of the anti-bribery, books and records and internal control provisions of the FCPA, and with aiding and abetting violations of the anti-fraud provisions of the Investment Advisers Act of 1940.
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In addition, although we continually review and evaluate internal control systems to allow management to report on the sufficiency of our internal controls, we cannot assure you that we will not discover additional weaknesses in our internal control over financial reporting.
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In addition to these efforts, we are in the process of documenting and testing our internal control over financial reporting in order to report on the effectiveness of our internal controls as of December 31, 2012, as required following our initial public offering in 2011.
With new criminal and tort law now in effect, companies will be thinking of how to develop internal control procedures to prevent rogue employees from misusing customer data, and incorporating some of these guidelines may be prove to be a useful defense in case of individual lawsuits.
However, we can provide no assurance at this time that management will be able to report that our internal control over financial reporting is effective as of December 31, 2012, or that our registered public accounting firm will be able to attest that such internal controls are effective.
When assessing the effectiveness of internal control over financial reporting and compliance with financial-related laws and regulations, management must follow the assessment process contained in Appendix A. Annually, management must provide assurances on internal control in its Performance and Accountability Report, including a separate assurance on internal control over financial reporting, along with a report on identified material weaknesses and corrective actions.
WHITEHOUSE: OMB Circular A-123 - Management's Responsibility for Internal Control | The White House
But for the last decade banks have been required to meet similar internal-control standards under the Federal Deposit Insurance Corporation Improvement Act.
Joining the air-conditioned and insulating renditions, this snazzy vest features a "tactile display" on the back, which is created by 16 small vibrating motors that are connected to an internal wireless control unit.
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The internal shift in control over IT responsibility is occurring for a couple of reasons.
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In one study of negotiations, 85% of men had an internal locus of control.
If you perceive your success is due to your effort or your skills, you are likely to have an internal locus of control you believe that this positive result is the effect of something inside yourself.
As well as the Higgs Prize and a number of other initiatives, this week the government will be announcing the appointment of 33 new health fellows to conduct research into medical challenges such as treating motor neurone disease, how to use technology to help people with diabetes and how to control internal bleeding.
Government spending has risen by over 50% this year, and although foreign debt has been kept under control, internal debt has risen alarmingly.
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