In addition, although we continually review and evaluate internal control systems to allow management to report on the sufficiency of our internal controls, we cannot assure you that we will not discover additional weaknesses in our internal control over financial reporting.

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An analysis of CECONY internal control processes and systems showed that there were breakdowns in the controls and that these breakdowns provided opportunities for the arrestees to perpetrate fraud.

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So from mid June to last Wednesday, UBS's risk-control systems did not detect that these big bets were being placed, because its internal accounting system was showing that bets in the opposite direction had also been placed.

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