Specifically, we are considering a shift in our audit activities to higher dollar awards while further instructing auditors to ask more in depth questions on the bottom line issue of whether taxpayer funds were used correctly.
With the oversight of senior management and our audit committee, we have begun taking steps and plan to take additional measures to remediate the underlying causes of the material weakness, primarily through the development and implementation of formal policies, improved processes and documented procedures, as well as the hiring of additional finance personnel.
The guidance is provided ahead of the full announcement of quarterly earnings results for the convenience of investors and media, before our external audit on the financial results of our headquarters, subsidiaries and affiliates is completed.
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Based on the information mentioned in that article, our internal auditing department under the supervision of our board audit committee has reviewed and investigated each allegation separately and exhaustively.
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Our internal auditing team under the supervision of our board audit committee conducted extensive review and investigation into these allegations separately and found no basis for any of the assumptions made by short seller.
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Our board and audit committee gets regular updates on our security posture, the cyber threats we face, and the investments that are needed to ensure that we stay in business.
We will audit our change process and increase the automation to prevent this mistake from happening in the future.
Looking ahead, our audits and audit reports ought to better reflect investor needs.
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Not only that, in the United States we hire independent third-party security companies, such as EWA, to audit our products in order to certify the safety and reliability of the products at the source code level.
While these activities should be performed in the ordinary course of our preparing our financial statements, we instead needed to undertake significant efforts to complete reconciliations and investigate items identified in those reconciliations during the course of our financial statement audit.
This has been a positive and appropriate activity at most companies, and in our experience, internal audit budgets have generally not simply been cut for the sake of cutting costs.
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Yet we did an audit with one of our large financial services customers and found that 75% of its employees had access to confidential information not required for their jobs.
We exclude firms with significant legal problems or other open-ended liabilities and also consider accounting and corporate governance scores from Audit Integrity of Los Angeles in making our final cuts.
Our professional skepticism has to be that without strong audit standards and a strong duty of care and a strong sense of clarity about what auditors do we have to be skeptical that management and financial statement preparers will provide the information voluntarily or be willing to acknowledge the significance of the information.
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Carlos Ocariz, national director of Mr Capriles' team, said the audit would be a "long process... and our people have to stay alert".
That is why Justice Secretary Kenny MacAskill asked for an audit of community services to get a clear picture of where we are in meeting our targets for getting offenders started on - and completing - their punishments.
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