November 17, 2004
Expect more of this....
Better to report your flaws yourself early and often rather than your CPA firm or worse yet the SEC do the internal control detective work. With the first filing date for Section 404 now upon us, companies are going to give strong consideration to "fessing up" about internal control flaws now.
Why? Better you report your own flaws rather than wait and have someone else find them. Find them, fix them and report it. The new standard in corporate governance...
An article which highlights this probable trend is here:
"In an announcement last Wednesday, Atlanta-based SunTrust said that its internal audit found "numerous errors in the loan loss allowance calculations for the first and second quarters, including data, model and formulaic errors," that were not immediately investigated and corrected. Also found were problems with the implementation of a new accounting allowance framework in the first quarter, which resulted in inadequate internal control procedures, insufficient validation and testing, and a failure to detect errors in the allowance calculation."
For the complete article, click here.
To learn more how your company can rapidly and affordably comply with Sarbanes-Oxley, see www.issuescentral.com today. Accelerate your project and decrease your cost. Find out more about Issues Central Sarbanes-Oxley Compliance Playbook(tm) or call (416) 977-1496.
Why? Better you report your own flaws rather than wait and have someone else find them. Find them, fix them and report it. The new standard in corporate governance...
An article which highlights this probable trend is here:
"In an announcement last Wednesday, Atlanta-based SunTrust said that its internal audit found "numerous errors in the loan loss allowance calculations for the first and second quarters, including data, model and formulaic errors," that were not immediately investigated and corrected. Also found were problems with the implementation of a new accounting allowance framework in the first quarter, which resulted in inadequate internal control procedures, insufficient validation and testing, and a failure to detect errors in the allowance calculation."
For the complete article, click here.
To learn more how your company can rapidly and affordably comply with Sarbanes-Oxley, see www.issuescentral.com today. Accelerate your project and decrease your cost. Find out more about Issues Central Sarbanes-Oxley Compliance Playbook(tm) or call (416) 977-1496.
