Broadway Financial discloses ICFR weaknesses due to training shortfalls

Los Angeles-based bank holding company Broadway Financial Corp. disclosed in a public filing weaknesses discovered in its internal control over financial reporting (ICFR) because of training shortfalls.

In its annual report, filed Monday, the firm said it identified material ICFR weaknesses that could affect its ability to “record, process, and report financial information accurately; impair our ability to prepare financial statements; negatively affect investor confidence; and cause reputational harm.”

Broadway said the weaknesses related to not maintaining a “sufficient complement of personnel with appropriate levels of knowledge, experience, and training in internal control matters to perform assigned responsibilities and have appropriate accountability for the design and operation of [ICFR].”