When assessing the effectiveness of internal control over financial reporting and compliance with financial-related laws and regulations, management must follow the assessment process contained in Appendix A. Annually, management must provide assurances on internal control in its Performance and Accountability Report, including a separate assurance on internal control over financial reporting, along with a report on identified material weaknesses and corrective actions.
WHITEHOUSE: OMB Circular A-123 - Management's Responsibility for Internal Control | The White House
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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Under Auditing Standard 5, passed in mid-2007, the audit of internal control over financial reporting is now integrated with the audit of the financial statements.
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On July 13, 2012, JPMorgan management, not PwC the auditors, reported that a material weakness existed in its internal control over financial reporting as of March 31, 2012.
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In addition to these efforts, we are in the process of documenting and testing our internal control over financial reporting in order to report on the effectiveness of our internal controls as of December 31, 2012, as required following our initial public offering in 2011.
However, we can provide no assurance at this time that management will be able to report that our internal control over financial reporting is effective as of December 31, 2012, or that our registered public accounting firm will be able to attest that such internal controls are effective.
Whether the board or audit committee understands and exercises oversight responsibility over financial reporting and internal control.
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Resignations are more common when litigation is in the wind and dismissals more frequently result from disagreements about issues such as internal control weaknesses and the reliability of financial reporting.
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At the time, the exchange also expressed concerns about internal control issues related to Bodisen's accounting and financial reporting obligations.
Management is responsible for establishing and maintaining internal control to achieve the objectives of effective and efficient operations, reliable financial reporting, and compliance with applicable laws and regulations.
WHITEHOUSE: OMB Circular A-123 - Management's Responsibility for Internal Control | The White House
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