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.
Section 404 has almost certainly improved the quality of internal controls at the firms where it has been implemented.
There was also no requirement for the auditor to give its opinion on whether the bank had fully corrected the material weakness in internal controls related to the valuation process until 2012 year-end.
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The problem, they said, was that the company's internal controls were weak, and the audit trail was not strong enough.
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.
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.
"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.
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.
Regulators asked the bank to tighten internal controls, risk management and oversight from the board.
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In essence, the SEC is proposing that the agencies tighten internal controls, establish professional standards for credit analysts and publicly disclose how they came up with ratings.
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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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While the announced plans to improve internal controls are absolutely necessary, the company should also re-examine its culture.
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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And Britain has also opted out of the abolition of internal European frontier controls, negotiated through the Schengen agreement.
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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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The IRS obviously needs better internal controls to ensure that it treats all groups by the same standards.
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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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.
Southwest controls the internal California market to this day, for example running 97.2% of flights between San Diego and Sacramento, 77.5% of flights between San Diego and San Jose, 99.3% of flights between Burbank and Sacramento.
Besides all the gibberish about cracking down on fraud, improving transparency and internal controls within FHA, the only real reason for the Act was to increase annual FHA insurance premiums to 2.05%.
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 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.
The CFTC settlement says Barclays had "no internal procedures and controls" determining how the Libor rates were calculated.
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.
The SEC alleged in its complaint that IBM's internal controls weren't sufficient to spot or prevent the alleged bribes.
Here's the thing: if the bets had been winning bets, rather than losing ones, surely at that point UBS's internal controls would have detected that the bank had made winnings considerably bigger than it should have done, in that the winnings should have been reduced by losses from the offsetting bets but would not have been (keep up).
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.
Until now, some EU nations had no legal definition of terrorism, or specific anti-terrorism legislation, meaning terrorist groups could evade controls by moving around the 15-nation bloc which has largely abolished internal border controls.
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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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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