Section 404 has almost certainly improved the quality of internal controls at the firms where it has been implemented.
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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Crowe, however, never identified or performed any evaluation of internal controls specifically relating to the AOT facility, and there was no documentation suggesting otherwise.
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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.
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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But it has been accused of having internal controls that were too lax to catch launderers.
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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The first phase of the audit focused on potential overcharges associated with the fraudulent transactions identified by federal investigators and an assessment of the internal controls surrounding the fraudulent transactions.
Based upon the actions taken and our testing and evaluation of the effectiveness of our internal controls, we have concluded the material weakness related to controls over the period-end financial reporting process no longer existed as of December 31, 2010.
"The Audit Committee advised the company and its independent accountants that it had reached certain preliminary findings, including that there were likely violations of the books and records and internal controls provisions of the FCPA, " it said.
And Britain has also opted out of the abolition of internal European frontier controls, negotiated through the Schengen agreement.
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The strategic plan, which was approved by the Board, also included review of internal processes and controls by respected consultants and outside auditors.
However, we were not able to sufficiently test the operating effectiveness of certain remediated internal controls given the limited time that controls were in operation.
They decided, for instance, to test a portion of a company's internal controls each year, not all of them.
It turns out that Con Edison wildly underestimated the scope and scale of financial losses suffered as the result of ludicrously inadequate internal accounting controls.
However, the club had already voluntarily accepted responsibility and had instigated a complete, independent review of its internal processes and controls to prevent any future issues.
And many people have commented on the fact that it has come at a great cost to many public organizations, the fact that we need to assess and report on our internal controls of our financial reporting.
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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Heart-rate variability, says Dr Stein, is a good index of the degree of control an individual has over his autonomic nervous system (which controls many of the internal organs).
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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Last year, a water plant in Texas disconnected its control system from the Internet after a hacker posted pictures of the facility's internal controls.
During the last four years, Deloitte has issued non-qualified audit opinions on the financial statements, in spite of ongoing material weaknesses in internal controls over their financial reporting.
But all the firms quickly saw that they could now charge a lot more for the audit itself given the new requirement for a separate opinion on internal controls over financial reporting and the amount of work some sloppy companies had to do to document, test, and confirm internal controls.
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Across the country, leading organizations will be looking at this data and assessing their own internal controls to determine plans of actions to limit fraud.
Those findings contrast with the way economic crimes are typically uncovered, with internal controls revealing about 19% of wrongdoing versus 40% coming through hotlines and tips from employees and outsiders.
Regardless of what PwC thought, it seems the FDIC believes PwC did not do enough to compensate for any failings or verify the assertions about internal controls Crowe made on behalf of Colonial management .
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All of the benefits, such as there are, from internal controls requirements like 404 can be achieved through flexible, voluntary requirements, which companies can choose to adopt as their specific circumstances dictate.
Donnelley's board and members of the management team to ensure that we have proper internal and external controls on information dissemination so that this inaccurate information does not appear again.
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.
As Lynn Turner, the SEC's former chief accountant, points out, much of what the act requires is covered by the Foreign Corrupt Practices Act of 1977 and by the Treadway Commission's recommendations on firms' internal controls, which date back to the early 1990s.
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