INTERNAL CONTROL ASSESSMENT AND REPORTING

INTERNAL CONTROL ASSESSMENT AND REPORTING

1. INTERNAL CONTROL ASSESSMENT AND REPORTING

   • company’s independent auditors are required to audit this internal control report in conjunction
     • DEFINITION OF INTERNAL CONTROL
       • reporting. Rule 13a-15(f) defines internal control over financial reporting as follows: The term internal control over financial reporting is defined as a process designed by, or under
       • the supervision of, the issuer’s principal executive and principal financial officers, or persons
   • from How to Comply with Sarbanes-Oxley Section 404: Assessing the Effectiveness of Internal
   • Act, the SEC rules provide the working definition of the term internal control over financial

2. MANAGEMENT’S REQUIRED REPORTS ON INTERNAL CONTROL

   • report on the company’s internal control over financial reporting that contains:
     • . A statement identifying the framework used by management to evaluate the effectiveness
     • to whether or not internal control over financial reporting is effective. This discussion must include disclosure of any material weakness in the company’s internal control over

3. QUARTERLY REPORTING REQUIREMENTS

   • quarterly reporting on the effectiveness of an entity’s “disclosure controls and procedures.”
   • or persons performing similar functions, regarding the effectiveness of the company’s disclosure
   • The company’s independent auditors are not required to attest to management’s evaluation
   • files or submits under the Act is
     • recorded,
     • processed
     • summarized
     • reported

4. MANAGEMENT CERTIFICATIONS

   • requires a certification to accompany each quarterly and annual report
   • other reports filed with the SEC originates in areas of the company that are outside the direct

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