Topic: Financial Statements

SEC Takes Seriously Both Internal Control Weakness Disclosure and Remediation

On January 29, 2019, the SEC announced settled enforcement actions against four companies for ‎failures to maintain internal control over financial reporting (“ICFR”) as required by Section ‎‎13(b)(2)(B) of the Securities Exchange Act and Rule 13a-15 over extended periods even though ‎in most cases material weaknesses in their ICFR were disclosed.‎

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CorpFin Provides Relief on Effectiveness of “Disclosure Simplification” Rules

As discussed in more detail in our QuickStudy (available here), on August 17, 2018 the Securities and Exchange Commission (the “SEC”) adopted numerous amendments to its disclosure requirements that were intended to simplify compliance for issuers by eliminating certain redundant, overlapping, outdated or superseded disclosure requirements (the “Disclosure Simplification Rules”).

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