Internal Controls

In an effort to buy more time under Section 404 of Sarbanes-Oxley, Chordiant Software, Inc. recently announced that its board had voted to change the end of its fiscal year from Dec. 31 to Sept. 30, beginning with FY 2004. The move means that Chordiant will not have to comply with the Securities and Exchange […]

In the wake of a recent wave of restatements to correct lease-related accounting errors, the U.S. Securities and Exchange Commission’s chief accountant has issued a letter to a professional accounting group reiterating the rules. SEC’s Donald Nicolaisen focused the letter on three issues related to lease accounting: depreciation of the costs to improve leased property, […]

This profile is the latest in a series of weekly conversations with executives at U.S. public companies who are currently involved in establishing and developing compliance programs. An index of previous conversations is available here. You’re both CFO and overseer of Brightpoint’s compliance. How do you manage such a full plate? Well, I don’t see […]

Now that calendar year accelerated filers are putting the finishing touches on their internal control reports required by Sarbanes-Oxley Act Section 404, many are wondering how many companies will disclose one or more material weaknesses, and what the marketplace reaction will be. Trying to forecast the number and impact is like forecasting earthquakes in California; […]

The Securities and Exchange Commission announced on Feb. 7 that it would host a roundtable on Section 404 of the Sarbanes-Oxley Act, solicit feedback on implementation challenges, and consider a further delay for small companies and foreign issuers. The roundtable, which will include representatives from public companies, auditors, and other parties—including the Public Company Accounting […]

Below is the list of companies disclosing material weaknesses or deficiencies in internal controls—or providing material updates on control improvement processes and remediation efforts—during the month of January 2005. Please be aware that the excerpts below are just that: excerpts. The complete SEC filings are available for those who would like to review the complete […]

Below is a sample list of companies warning of “potential” significant deficiencies, or potential problems with specific controls, during the month of January 2005. Please be aware that the excerpts below are just that: excerpts. The complete SEC filings are available for those who would like to review the complete disclosures in greater detail. For […]

Here come the adverse opinions. According to a review of internal control disclosures made during the month January 2005, several companies have begun disclosing that their internal control over financial reporting was not effective as of their fiscal year end, and that they expected their auditor would issue an adverse opinion on the effectiveness of […]

Below is a sample list of companies making internal control remediation disclosures during the month of January 2005. Please be aware that the excerpts below are just that: excerpts. The complete SEC filings are available for those who would like to review the complete disclosures in greater detail. For related information on the list below, […]

This profile features Larry Rittenberg, chairman of the Committee of Sponsoring Organizations (COSO), and accounting professor at the University of Wisconsin. How did you come to be chairman of COSO? [Laughs.] Bad luck? Hard work? Well, I’ve been at the University of Wisconsin almost all my career, and been active in the profession both through […]