CYMI » Topics » Changes in internal control over financial reporting.

This excerpt taken from the CYMI 10-Q filed Nov 7, 2007.
Changes in internal control over financial reporting. There has been no change in our internal control over financial reporting during the quarter ended September 30, 2007 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting other than the steps taken by us to remediate the material weakness that was disclosed by us in our Annual Report on Form 10-K for the year ended December 31, 2006, relating to our accounting for income taxes.

 

As described in Part II, Item 9A of our Annual Report on Form 10-K for the year ended December 31, 2006, we have identified several steps we will take throughout 2007 with the goal of remediating this material weakness prior to December 31, 2007. Per our original remediation plan and our continued evaluation of the design of our internal controls in the tax area, we have made the following improvements in our internal controls over our accounting for income taxes for the nine months ended September 30, 2007:

 

                  Improved the communications between our tax department and our accounting department, and increased the level of involvement of our accounting department in the reviews of income tax reconciliations and certain key tax schedules;

                  Redesigned and implemented new review and approval procedures and processes associated with all income tax provision workpapers and the consolidated income tax reconciliation schedules;

                  Completed the implementation of an automated tax provision software tool that will reduce the number of manual spreadsheets that we use to calculate our effective tax rate on a quarterly and annual basis;

                  Increased our use of outside tax consultants to assist us with all tax calculations and tax provision workpapers until we can identify and hire all of the appropriate additional tax personnel;

                  Restructured the income tax department, including the roles and responsibilities of our outside tax consultants, to allow for proper review and approval procedures and processes; and,

                  Hired a vice president of tax to oversee all tax department personnel, policies, processes and internal controls.

 

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There are additional remediation steps that we have identified from our original remediation plan. Some of these were completed in the third quarter of 2007 and we intend to complete the remainder in the fourth quarter of 2007.

 

Since most of the more significant improvements to our internal controls over the accounting for income taxes were designed early in 2007 and were implemented as part of our first quarter and second quarter of 2007 tax provision calculations, we tested all of these internal control changes in the third quarter of 2007. No control deficiencies were identified during this testing. Further, we will test any additional changes that we make to our internal controls over our accounting for income taxes in the fourth quarter of 2007 or in early 2008, immediately following their completion and execution to ensure that they are properly designed and working effectively. We will continue to make any changes that management deems necessary to these new tax  internal controls based on the results of this testing.

 

This excerpt taken from the CYMI 10-Q filed Aug 7, 2007.
Changes in internal control over financial reporting. There has been no change in our internal control over financial reporting during the quarter ended June 30, 2007 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting other than the steps taken by us to remediate the material weakness that was disclosed by us in our annual report on Form 10-K for the year ended December 31, 2006, relating to our accounting for income taxes.

As described in Part II, Item 9A of our annual report on Form 10-K for the year ended December 31, 2006, we have identified several steps we will take throughout 2007 with the goal of remediating this material weakness prior to December 31, 2007.  Per our original remediation plan and our continued evaluation of the design of our internal controls in the tax area, we have made the following improvements in our internal controls over our accounting for income taxes for the six months ended June 30, 2007:

·      Improved the communications between our tax department and our accounting department, and increased the level of involvement of our accounting department in the reviews of income tax reconciliations;

·      Redesigned and implemented new review and approval procedures and processes associated with all income tax provision workpapers and the consolidated income tax reconciliation schedules;

·      Identified and made significant progress on the implementation of an automated tax provision software tool that will reduce the number of manual spreadsheets that we use to calculate and reconcile all income tax accounts on a quarterly and annual basis;

·      Increased our use of outside tax consultants to assist us with all tax calculations and tax provision workpapers until we can identify and hire the appropriate additional tax personnel; and

·      Restructured the income tax department, including the roles and responsibilities of our outside tax consultants, to allow for proper review and approval procedures and processes.

There are additional remediation steps that we expect to complete from our original remediation plan and we intend to complete these in the third quarter or early in the fourth quarter of 2007.

Since most of the improvements to our internal controls over the accounting for income taxes were designed early in 2007 and were implemented as part of our first quarter and second quarter of 2007 tax provision calculations, we plan to test all of these internal control changes early in the third quarter of 2007. Further, we will test any additional changes that we make to our internal controls over our accounting for income taxes in the third and fourth quarter of 2007 immediately following their completion and execution to ensure that they are properly designed and working effectively. We will make any changes that management deems necessary to these new internal controls based on the results of this testing.

This excerpt taken from the CYMI 10-Q filed May 8, 2007.
Changes in internal control over financial reporting. There has been no change in our internal control over financial reporting during the quarter ended March 31, 2007 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting other than the steps taken by us to remediate the material weakness that was disclosed by us in our annual report on Form 10-K for the year ended December 31, 2006, relating to our accounting for income taxes.

As described in Part II, Item 9A of our annual report on Form 10-K for the year ended December 31, 2006, we have identified several steps we will take throughout 2007 with the goal of remediating this material weakness prior to December 31, 2007.  Per our remediation plan, we made the following improvements in our internal controls over our accounting for income taxes for the three months ended March 31, 2007:

·                  Improved the communications between our tax department and our accounting department, and increased the level of involvement of our accounting department in the reviews of income tax reconciliations;

·                  Redesigned and implemented new review and approval procedures and processes associated with all income tax provision workpapers and the consolidated income tax reconciliation schedules; and

·                  Identified and started the implementation of an automated tax provision software tool that will reduce the number of manual spreadsheets that we use to calculate and reconcile all income tax accounts on a quarterly and annual basis.

We have additional steps in our remediation plan from those identified above that we intend to implement within the next two quarters and we will report our progress with this remediation plan in future quarterly reports on Form 10-Q.  As each of the steps in our remediation plan are completed and

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implemented, we plan to test the internal control changes immediately to ensure that they are properly designed and working effectively and will make any changes that management deems necessary based on the results of this testing.

This excerpt taken from the CYMI 10-Q filed Nov 7, 2006.
Changes in internal control over financial reporting. There has been no change in our internal control over financial reporting during the quarter ended September 30, 2006 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting other than the steps taken by us to remediate the material weakness that was first disclosed by us in our 2005 Form 10-K relating to our accounting for income taxes.

We have taken the following remediation steps during the nine months ended September 30, 2006 to improve our internal controls over our accounting for income taxes:

·                  Improved the procedures for reviewing our consolidated tax provisions and reconciling all subsidiary office tax accounts; and

·                  Increased the level of communication with our subsidiary office accountants over the preparation of our foreign quarterly and annual tax provisions.

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We have been conducting our testing of these new internal controls since early 2006 and will continue to do so for the remainder of the year. We will not be able to completely remediate this material weakness in our accounting for income taxes until we can conduct testing of the 2006 end of year internal controls for income taxes in early 2007.

This excerpt taken from the CYMI 10-Q filed Aug 2, 2006.
Changes in internal control over financial reporting. There has been no change in our internal control over financial reporting during the quarter ended June 30, 2006 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting other than the steps taken by us to remediate the material weakness that was first disclosed by us in our 2005 Form 10-K relating to our accounting for income taxes.

 

We have taken the following remediation steps during the six months ended June 30, 2006 to improve our internal controls over our accounting for income taxes:

 

                  Improved the procedures for reviewing our consolidated tax provisions and reconciling all subsidiary office tax accounts; and

                  Increased the level of communication with our subsidiary office accountants over the preparation of our foreign quarterly and annual tax provisions.

 

We have been conducting our testing of these new internal controls over the last several months and will continue to do so for the remainder of this year. We will not be able to completely remediate this

 

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material weakness in our accounting for income taxes until we can conduct testing of the 2006 end of year internal controls for income taxes in early 2007.

 

This excerpt taken from the CYMI 10-Q filed May 3, 2006.
Changes in internal control over financial reporting. There has been no change in our internal control over financial reporting during the quarter ended March 31, 2006 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting other than the steps taken by us to remediate the material weakness that was first disclosed by us in our 2005 Form 10-K relating to our accounting for income taxes.

 

We have taken the following remediation steps during the three months ended March 31, 2006 to improve our internal controls over our accounting for income taxes:

 

      Improved the procedures for reviewing our consolidated tax provisions and reconciling all subsidiary office tax accounts; and

      Increased the level of communication with our subsidiary office accountants over the preparation of our foreign quarterly and annual tax provisions.

 

We plan to conduct our testing of these new internal controls during the next several months so that this material weakness in our accounting for income taxes is completely remediated during the second or third quarter of 2006.

 

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This excerpt taken from the CYMI 10-Q filed Nov 2, 2005.
Changes in internal control over financial reporting. There has been no change in our internal control over financial reporting during the quarter ended September 30, 2005 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

 

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This excerpt taken from the CYMI 10-Q filed Aug 3, 2005.
Changes in internal control over financial reporting. There has been no change in our internal control over financial reporting during the quarter ended June 30, 2005 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

 

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