As we discussed in our previous blog, the remediation of control deficiencies can be a lengthy and costly process. The case of Genworth Financials (NYSE: GNW) is no exception. Its most recent quarterly report, filed on Wednesday, April 29, states that its … Continue reading
Category Archives: Corporate Governance
2014 Financial Restatements Review
Latest Results Show Continuing Positive Restatement Trends For the sixth consecutive year, Revision Restatements, or those that do not undermine reliance on past financials, rose to 76% of all Restatements reported. On the flip side, Reissuance Restatements, which require disclosure in Item 4.02 of … Continue reading
Audit Committee Webcast
Audit Analytics and the Center for Audit Quality were recently invited to participate in a webcast on the topic of audit committee disclosures and activities. Hosted by Compliance Week, the webcast centered on trends and emerging issues concerning the audit … Continue reading
2013 COSO Framework Implementation: First Glance
In May 2013, the Committee of Sponsoring Organizations of the Treadway Commission (COSO) released an updated Framework for companies to use in evaluating their Internal Controls over Financial Reporting (ICFR). The 1992 Framework entered a transitional period that ended on December 15, 2014, … Continue reading
The Problem With Pledging, Part II
We recently wrote about the perils of directors and officers pledging shares in their own company. We highlighted some examples and discussed possible ramifications. In this post, we will take a deeper dive into some of the data we’ve compiled with respect … Continue reading
The Problem with Pledging
Last fall, at its annual meeting, FedEx (NYSE: FDX) shareholders and the Board of Directors debated the issue of pledging. FedEx policy prohibits share pledging, but allows the company’s general counsel to grant exceptions on a case-by-case basis. A sole but … Continue reading
Genworth Financial Cites Inadequate Controls
Reporting requirements may sometimes seem to be set in stone, but they do in fact change from time to time. Usually, when a regulator changes a requirement, it also imposes a deadline for the implementation of the change. The companies are … Continue reading