Transforming external financial reporting of public companies to top-level best practices.
Mission
To transform with ever-increasing value the external financial reporting function of public companies to a state of top-level “Best Practices” and beyond in order to assist heavily burdened Audit Committees, CFOs, CAOs and Controllers of public companies so they can create margin in their schedule to more fully focus on higher value activities and obtain greater financial reporting integrity.
The first priority for every Audit Committee and CFO…
Financial Reporting Integrity
The SEC staff’s comments Internal Control over Financial Reporting (ICFR) continue to focus on identification, disclosure, effectiveness, and changes.
Regulation S-X (17 CFR part 210) provides:
Material weakness means a deficiency, or a combination of deficiencies, in internal control over financial reporting such that there is a reasonable possibility that a material misstatement of the registrant's annual or interim financial statements will not be prevented or detected on a timely basis.
Significant deficiency means a deficiency, or a combination of deficiencies, in internal control over financial reporting that is less severe than a material weakness, yet important enough to merit attention by those responsible for oversight of the registrant's financial reporting.