Web www.software-risk.co.uk

Two significant deficiencies in internal controls were disclosed by Refco in a SEC filing during August. Additionally any loss of Phillip Bennett, could cause damage to Refco's ability to manage its business.

Significant deficiency number one related to "the need to increase our existing finance department resources to be able to prepare financial statements that fully compliant with all SEC reporting guidelines on a timely basis".

Significant deficiency number two, " our lack of formalised procedures for closing our books".

An investigation by the SEC regarding Santo Maggio, President of Refco Securities was also highlighted.

Related Articles
COX - Sooner Rather than Later on SOX Reform
Federal Agencies on Risk
GAO Supports SOX Cost Claims
SEC Chief Account Defends SOX
Spirit AeroSystems
Sarbanes-Oxley and Cost Cutting
Security Glossary
Section 404 Glossary

Similar Areas

Risk Management Items

Sarbanes-Oxley Items

Finance Items

Law Items

Regulation Items

Selected Books

Keywords

Refco

significant deficiency

internal controls

SEC