But the thinking goes that more effective oversight will also encourage better internal controls.
If angels were to govern men, neither external nor internal controls on government would be necessary.
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They are further required to establish effective internal controls for monitoring state retirement systems.
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But it has been accused of having internal controls that were too lax to catch launderers.
Regulators asked the bank to tighten internal controls, risk management and oversight from the board.
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This will most likely entail better privacy protection for individuals and more internal controls.
But I believe AP should thoroughly examine its internal controls because that story has other fundamental problems.
The discovery that money could not be located might simply reflect sloppy internal controls at MF Global.
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The IRS obviously needs better internal controls to ensure that it treats all groups by the same standards.
How much time, and money, does Berkshire spend on corporate governance, in particular internal controls over financial reporting?
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While the announced plans to improve internal controls are absolutely necessary, the company should also re-examine its culture.
They decided, for instance, to test a portion of a company's internal controls each year, not all of them.
Citigroup has been told by regulators to hold off on major acquisitions until it cleans up its internal controls.
Section 404 has almost certainly improved the quality of internal controls at the firms where it has been implemented.
The SEC alleged in its complaint that IBM's internal controls weren't sufficient to spot or prevent the alleged bribes.
Among other things, it requires rewarding experience as well as talent, and applying strong ethical codes and internal controls.
Sarbanes-Oxley's heavily criticised section 404, on companies' internal controls, is already being loosened.
"When the decision-making processes begin to circumvent internal controls, that's when corporate executives begin to cross that line, " said Frenkel.
Japan's Nomura Holdings has been told to bolster internal controls after it admitted its role in an insider trading scandal.
The problem, they said, was that the company's internal controls were weak, and the audit trail was not strong enough.
The lack of effective internal controls could materially adversely affect our financial condition and ability to carry out our business plan.
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Or it is a complete failure of internal controls and risk management systems, which means general management failed big time, too.
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As a result of this investigation, the Company is in the process of evaluating deficiencies in its internal controls over financial reporting.
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Companies with weak or non-existent internal controls over financial reporting are more susceptible to fraud and those frauds take longer to uncover.
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To the board, it was a wakeup call to tighten internal controls.
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These are owners of roofing, landscaping and metal-stamping firms too wrapped up in the grind to focus on internal controls and long-term strategy.
Also in Japan, Nomura Holdings has been told to bolster internal controls after it admitted its role in an insider trading scandal.
Low-multiple companies cook the books, too, but young, hot companies face pressure to justify their lofty multiples and often have less-well-developed internal controls.
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If anything, MF Global had plenty of human casualties to show that their internal controls were lacking long before the meltdown of October 2011.
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Goldrick admits that, under the new laws, auditors may have to spend more time certifying to his bank's internal controls on a quarterly basis.
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