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Latest Posts › Internal Controls

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SEC Emphasizes Need for Documentation of Why Significant Deficiency is not a Material Weakness

The SEC recently announced settled administrative proceedings against Magnum Hunter Resources Corporation (MHR), the former chief financial officer and chief accounting officer of MHR, the engagement partner on MHR’s external...more

4/8/2016 / Audits , ICFR , Internal Controls , Securities and Exchange Commission (SEC)

New Credit Rating Agency Rules Offer Insight into Public Company Internal Controls

The SEC has adopted credit rating agency rules for Nationally Recognized Statistical Rating Organizations (NRSROs), which include requirements relating to NRSROs’ internal controls. The Dodd-Frank Act requires NRSROs to...more

9/10/2014 / Credit Rating Agencies , Disclosure Requirements , Dodd-Frank , Internal Controls , NRSRO , Publicly-Traded Companies , Reporting Requirements , Securities and Exchange Commission (SEC)

District Court Confirms Caremark Applies to Audit Committee Oversight of Internal Controls

The U.S. District Court for the Northern District of California recently granted a motion to dismiss a derivative action in which the plaintiff alleged that the directors of VeriFone Systems, Inc. breached fiduciary duties...more

8/19/2014 / Audits , Breach of Duty , Caremark claim , Derivative Suit , Fiduciary Duty , Internal Controls

Recent SEC Enforcement Action on Internal Control Despite No Other Alleged Violations

A recent SEC-settled administrative action is another reminder of the SEC’s focus on internal control over financial reporting (ICFR). Although prior SEC ICFR charges have been accompanied with allegations of false financial...more

8/6/2014 / COSO , Enforcement Actions , Foreign Corrupt Practices Act (FCPA) , Form 10-K , ICFR , Internal Controls , Securities and Exchange Commission (SEC) , Securities Exchange Act

Enforcement Case Shows SEC’s Increased Focus on Internal Controls

The SEC recently announced the settlement of charges against DGSE Companies Inc. and its former CFO for accounting fraud resulting primarily from his manipulation of the company’s accounting for inventory. DGSE disclosed in...more

6/4/2014 / Accounting Fraud , Enforcement Actions , Internal Controls , Internal Investigations , Non-Judicial Settlement Agreements , Securities and Exchange Commission (SEC)

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