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Outsiders review, or audit, the statements and the systems the company used to accumulate the data from which the statements were prepared.
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Companies should also be required to publicly detail bookkeeping controls and have them independently evaluated by accounting firms other than those who audit the financial statements.
The finance board continues to audit the periodic disclosure statements filed for the election.
He is accused of deceiving investors by falsely certifying that he had audited the financial statements of Mr. Madoff's firm.
The obvious first step would be for the Legislature to create a permanent audit division within the comptroller's office that would handle preschool special education — monitoring the programs as well as processing and auditing the financial statements.
The commission is also auditing the utilities' financial statements to decide how much of an increase is appropriate.
. My staff audited the accompanying financial statements numbered I to IV, the supporting schedule 1, Annexes 1.1 and 1.2 and the notes numbered 1 to 27 to the financial statements of the Food and Agriculture Organization of the United Nations for the financial period ended 31 December 1997.
The charges, however, are not expected to be leveled against senior executives at Lehman, but rather against the accounting firm that audited the firm's financial statements.
The company's board minutes stated that Ernst & Young, who audited the company's financial statements as well, confirmed that the use of the scheme would also "significantly lessen the transparency of reported results".
And big accounting firms will refuse to audit financial statements if the company or creditors fail to provide data.
Although some 4,000 accountants are certified to audit financial statements, most of these are tax specialists.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com