Definitions? 61



  • Can someone help a rookie?
    I need a ‘laymans’ definition for Issuer, I have a presentation to complete and the definition in section 2 of the Sarbox act is not clear at all.
    Rono100



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  • They’re talking about the entity disclosing (issuing) the financial reports. You may also say publishes.



  • The Difference Between a Deficiency and a Material Weakness?
    An internal control deficiency may consist of a design or operating deficiency. A design deficiency exists when a necessary control is missing or an existing control is not properly designed, so that even when the control is operating as designed the control objective is not always met. An operating deficiency exists when a properly designed control either is not operating as designed or the person performing a control does not possess the necessary authority or qualifications to perform the control effectively. Internal control deficiencies relevant to internal control over financial reporting could adversely affect the entity-and-#8217;s ability to initiate, record, process and report financial data consistent with the assertions of management in the financial statements. A significant deficiency is an internal control deficiency in a significant control or an aggregation of such deficiencies that could result in a misstatement of the financial statements that is more than inconsequential.
    A material weakness is a significant deficiency or an aggregation of significant deficiencies that preclude the entity-and-#8217;s internal control from providing reasonable assurance that material misstatements in the financial statements will be revented or detected on a timely basis by employees in the normal course of performing their assigned functions. The inability to provide such reasonable assurance results from one or more significant deficiencies. The design or operation of one or more of the internal control components does not reduce to a relatively low level the risk that misstatements caused by errors or fraud in amounts that would be material in relation to the financial statements may occur and not be detected within a timely period by employees in the normal course of performing their assigned functions.
    Therefore, the existence of a material weakness precludes the responsible party from concluding that internal control is effective and the practitioner from issuing an unqualified opinion that internal control is effective. Note that management is not permitted to conclude that the company-and-#8217;s internal control over financial reporting is effective, if there are one or more material weaknesses in the company-and-#8217;s internal control over financial reporting.
    Madhav Vedula
    Internal Auditor
    mvedula_at_jhcohn.com



  • Can someone help a rookie?
    I need a ‘laymans’ definition for Issuer, I have a presentation to complete and the definition in section 2 of the Sarbox act is not clear at all.
    Rono100
    An ‘Issuer’ is an entity that is subject to SEC reporting.



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  • In Sarbanes Oxley there is not a definition for what an issuer is. It is clear for SOX an issuer is defined in Section 3 of the Securities Exchange Act of 1934, the securities of which are registered under Section 12 of that Act, or that is required to file reports under Section 15(d).

    But sometimes it is not so simple.
    The definition of issuer applies only to issuers required to file reports.
    Example
    If a company has offered and sold debt securities pursuant to a registration statement filed under the Securities Act of 1933, thus subjecting it to the reporting requirements of Section 15(d), but it had fewer than 300 security holders of record at the beginning of its fiscal year, the company is not considered an ‘issuer’ under the Act. Because the definition of issuer applies only to issuers required to file reports.


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