Audit fees for companies with no material weaknesses
in either year declined from 0.
Reflecting on his Senate testimony, Turley observes, "The Senate Banking panel understood that, especially in the first year [of 404 reporting], there will be some levels of deficiencies, material weaknesses
and adverse opinions.
However, significant deficiencies in controls might be deemed material weaknesses
, even though the auditor found no related misstatements.
An adverse opinion on the assessment of the effectiveness of ICOFR if there are one or more material weaknesses
in ICOFR; or
The letter takes the position that management should publicly report "reportable conditions," not "material weaknesses
," and that the reports should cover a period of time, not be made as of a point in time.
He said that Parliament should look into its weaknesses
For most of us, our reluctance to do so is due to the fact that understanding our own weaknesses
Capital market reactions to material weaknesses
59% of the workforce believes they will be most successful if they focus on fixing their weaknesses
rather than leveraging their strengths.
Benoit's (1995) image restoration typology assists in the determination of the communication strategies management uses to explain how such material weaknesses
occur and what strategies management intends to use to address those weaknesses
This study uses Benoit's (1995) image restoration theory to identify the type of communication strategies banking companies employ to inform the public about material weaknesses
found in internal controls.
Most training needs analysis exercises identify strengths and weaknesses
but then concentrate on fixing the latter.