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Internal Controls

May 28, 2003 | From Associated Press
Executives will have to certify that their companies have adequate controls to prevent and detect accounting violations and fraud, under rules adopted Tuesday by federal regulators. The Securities and Exchange Commission voted unanimously to adopt the requirements, ordered by Congress last summer in response to the wave of accounting scandals. The rules will take effect for most publicly traded companies in June 2004.
December 20, 2006 | Cyndia Zwahlen, Special to The Times
Small public companies that held out hope for a permanent exemption from the Sarbanes-Oxley corporate reform law were disappointed last week when the Securities and Exchange Commission proposed to ease -- not eliminate -- the law's requirement for annual reports on internal financial controls.
February 22, 2006 | From Bloomberg News
A proposal to exempt 80% of public companies from having auditors certify their internal controls "simply goes too far," former Federal Reserve Chairman Paul Volcker and former Securities and Exchange Commission Chairman Arthur Levitt told regulators. In a Feb. 13 letter to the SEC, a group including Volcker and Levitt said the proposal would undercut the 2002 Sarbanes-Oxley Act by failing to safeguard against future accounting and company fraud.
May 31, 2003 | From Associated Press
In a rare move, federal regulators are seeking to have Ernst & Young suspended from accepting new corporate clients for six months because of the big accounting firm's alleged failure to remain completely independent from companies whose books it audits. The Securities and Exchange Commission contended in a legal proceeding before an administrative law judge that Ernst & Young's internal controls were inadequate to prevent its auditors from becoming too cozy with client firms.
May 30, 2013 | By Ruben Vives
City leaders in scandal-battered Cudahy are asking the state to audit the city's finances and internal controls in the wake of a series of city hall bribery arrests. Last year, three officials in the working-poor L.A. County city -- including two long-term council members -- were hauled away by FBI agents for extortion and bribery. The cases revealed a city marred by corruption, election fixing and drug use in city hall, officials said. Now, the newly elected mayor and vice-mayor of Cudahy are asking State Controller John Chiang to audit the city's finances and internal controls.
October 8, 2003 | Thomas S. Mulligan, Times Staff Writer
The government's new accounting oversight body Tuesday proposed its first set of new audit standards, or guidelines for external auditors to check and affirm the effectiveness of companies' internal anti-fraud controls.
July 30, 2003 | From Bloomberg News
Intel Corp., Pfizer Inc. and other companies on Tuesday urged the government's accounting oversight board to limit the scope of newly required financial-control audits so they won't become too costly and intrude on management's responsibilities. Public companies and accounting firms are at odds over how much scrutiny is needed before auditors should certify that a company has implemented adequate safeguards to prevent financial fraud. Accountants say detailed audits are required.
November 30, 2000
The Police Department has failed to install video cameras in its evidence rooms despite the recommendations of a 1998 audit, the city controller's office found. In a letter to Police Chief Bernard Parks and members of the Police Commission, Controller Rick Tuttle said that if the department had followed his advice two years ago, it could have deterred former Officer Rafael Perez from stealing drugs from an evidence locker.
June 6, 2007 | Cyndia Zwahlen, Special to The Times
Time's up! That's the message for small public companies from the Securities and Exchange Commission, which met recently to give final approval to new guidelines and amendments to the Sarbanes-Oxley corporate reform law. The five-member commission didn't include a hoped-for extension of the Dec. 15 deadline for small public companies to comply with provisions that critics say are too costly and time-consuming.
December 26, 1985 | Associated Press
Congressional investigators have found that billions of taxpayer dollars are lost or mismanaged through the failure of more than half of the government's 427 accounting systems to meet federal requirements, the General Accounting Office said in a report Wednesday. "The major problems so far remain largely unchanged," the GAO said in its study, released three years after Congress passed the Financial Integrity Act to curb fraud, waste and abuse in government.
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