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Veritas, the US storage software company has delayed fiing its annual report with the SEC, citing they want to give more information on Internal controls to the auditors. Internal controls are an essential part of Sarbanes-Oxley compliance.

Symantec, another software firm specialising in security has agreed to buy Veritas, in a $13.5bn deal.

Veritas has not identified any material weaknesses in its internal controls. Nor does it expect to make any adjustments to last years results.

Veritas is the latest in a number of firms to delay filing accounts due to Sarbanes-Oxley and internal controls.

The conviction of Bernie Ebbers will have focused a lot of minds on the requirements of the Act. In particular that Chief Executives now have to take responsibility for accounting and financial reporting.

The company and the auditors have to make statements in the 10-K to the effect that Internal controls not only exist, but they are effective.

Veritas are saying that the auditors have to have more information and time to come to that conclusion.

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