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SEC Staff Offers Sage Tips on ICFR Reporting

Tammy Whitehouse | December 14, 2010

The Securities and Exchange Commission is looking for disclosures about changes in internal control over financial reporting not just in annual filings, but in quarterly filings as well.
Staff of the SEC told accountants at a national conference of the American Institute of Certified Public Accountants last week that they don't see as much quarterly disclosure regarding changes to internal controls as they'd expect, especially in the current economic environment where companies may be cutting staff and making other changes to try to improve efficiency.
Angela Crane, associate chief accountant at the SEC, said the staff is a little puzzled when companies report in one year that they have a material weakness in internal controls, then report in the next that controls are effective. “It's important to make an assessment each quarter as to whether the changes made to address a material weakness should...

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