#internal-controls

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#sec-review #executive-departures #stock-selloff #trust-fund-compliance #broker-supervision #state-audits
fromFortune
2 weeks ago

At IBM spinoff Kyndryl, the stock dives 50% after an accounting probe and CFO exit: 'The red flags are already out' | Fortune

According to a Monday SEC filing, the company's audit committee is examining its cash management practices, related disclosures (including how it presents adjusted free cash flow), the effectiveness of internal control over financial reporting, and related matters in response to the SEC's voluntary information requests. This review is delaying completion of the quarterly report and the company's internal control assessment, but at this time, the company does not expect any impact on its consolidated financial statements.
Business
Real estate
fromwww.housingwire.com
3 weeks ago

Good intentions do not protect brokers from trust account violations

Brokers must implement end-to-end trust fund systems proving penny-perfect compliance; intent does not excuse control failures or inadequate supervision.
Arts
fromARTnews.com
3 months ago

Palm Springs Art Museum Refutes A Report Calling its Finances Into Doubt

Palm Springs Art Museum has accounting and governance problems after an audit identified internal-control deficiencies and trustee resignations; the museum disputes those findings.
Miscellaneous
fromIrish Independent
7 months ago

HSE paid supplier 723k twice and has not clawed back overpayment

HSE made a double payment in December 2021 due to weaknesses in controls and lack of cross-checking between financial systems.
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