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MRVL » Topics » Controls over stock-based compensation expense under FASB Statement of Financial Accounting Standards No. 123 (revised 2004), Share Based Payments (FAS 123(R)).This excerpt taken from the MRVL 10-Q filed Dec 6, 2007. Controls over stock-based compensation expense
under FASB Statement of Financial Accounting Standards No. 123 (revised
2004), “Share Based Payments” (“FAS 123(R)”).
We did
not maintain effective controls over the accounting for and disclosure of our
stock-based compensation expense under FAS 123(R). Our controls, including
monitoring controls, policies and procedures relating to the accounting for and
disclosure of stock-based compensation were not effective. Specifically, effective
controls were not maintained to ensure the existence, completeness, accuracy,
valuation and presentation of our stock-based compensation expense. This
control deficiency resulted in audit adjustments to stock-based compensation
expense for the year ended January 27, 2007. This control deficiency could
also result in a misstatement to compensation expense that would result in a
material misstatement to our annual or interim financial statements that would
not be prevented or detected. Accordingly, our management has determined that
this control deficiency constitutes a material weakness.
41
Because of these material weaknesses which we are still in the process of remediating, management has concluded that we did not maintain effective internal control over financial reporting as of October 27, 2007, based on the criteria established in “Internal Control - Integrated Framework” issued by the COSO. We have undertaken the remediation steps described below and in connection with the preparation of this Quarterly Report, our management undertook and completed reconciliations, analyses, reviews and control procedures in addition to those historically completed to confirm that this Quarterly Report fairly presents in all material aspects our financial position, results of operations and cash flows as of, and for the period presented in accordance with U.S. generally accepted accounting principles.
42
This excerpt taken from the MRVL 10-Q filed Sep 6, 2007. Controls
over stock-based compensation expense under FASB Statement of Financial
Accounting Standards No. 123 (revised 2004), “Share Based Payments” (“FAS
123(R)”). We did not maintain effective
controls over the accounting for and disclosure of our stock-based compensation
expense under FAS 123(R). Our controls, including monitoring controls,
policies and procedures relating to the accounting for and disclosure of
stock-based compensation were not effective. Specifically, effective controls
were not maintained to ensure the existence, completeness, accuracy, valuation
and presentation of our stock-based compensation expense. This control
deficiency resulted in audit adjustments to stock-based compensation expense
for the year ended January 27, 2007. This control deficiency could also
result in a misstatement to compensation expense that would result in a
material misstatement to our annual or interim financial statements that would
not be prevented or detected. Accordingly, our management has determined that
this control deficiency constitutes a material weakness.
Because of these material weaknesses which the Company is still in the process of remediating, management has concluded that we did not maintain effective internal control over financial reporting as of July 28, 2007, based on the criteria established in “Internal Control - Integrated Framework” issued by the COSO. We have undertaken the remediation steps described below and in connection with the preparation of this Quarterly Report, our management undertook and completed reconciliations, analyses, reviews and control procedures in addition to those historically completed to confirm that this Quarterly Report fairly presents in all material aspects our financial position, results of operations and cash flows as of, and for the period presented in accordance with U.S. generally accepted accounting principles. This excerpt taken from the MRVL 10-Q filed Jul 9, 2007. Controls
over stock-based compensation expense under FASB Statement of Financial
Accounting Standards No. 123 (revised 2004), “Share Based Payments” (“FAS
123(R)”). We did not maintain effective
controls over the accounting for and disclosure of our stock-based compensation
expense under FAS 123(R). Our controls, including monitoring controls,
policies and procedures relating to the accounting for and disclosure of
stock-based compensation were not effective. Specifically, effective controls
were not maintained to ensure the existence, completeness, accuracy, valuation
and presentation of our stock-based compensation expense. This control
deficiency resulted in audit adjustments to stock-based compensation expense
for the year ended January 27, 2007. This control deficiency could also
result in a misstatement to compensation expense that would result in a material
misstatement to our annual or interim financial statements that would not be
prevented or detected. Accordingly, our management has determined that this
control deficiency constitutes a material weakness.
Because of these material weaknesses, management has concluded that we did not maintain effective internal control over financial reporting as of April 28, 2007, based on the criteria established in “Internal Control - Integrated Framework” issued by the COSO. We have taken the remediation steps described below and in connection with the preparation of this Quarterly Report, our management undertook and completed reconciliations, analyses, reviews and control procedures in addition to those historically completed to confirm that this Quarterly Report fairly presents in all material aspects our financial position, results of operations and cash flows as of, and for the period presented in accordance with U.S. generally accepted accounting principles. This excerpt taken from the MRVL 10-K filed Jul 2, 2007. Controls over stock-based
compensation expense under FASB Statement of Financial Accounting Standards
No. 123 (revised 2004), “Share Based Payments” (“FAS 123(R)”). We did not
maintain effective controls over the accounting for and disclosure of our
stock-based compensation expense under FAS 123(R). Our controls, including
monitoring controls, policies and procedures relating to the accounting for and
disclosure of stock-based compensation were not effective. Specifically,
effective controls were not maintained to ensure the existence, completeness,
accuracy, valuation and presentation of our stock-based compensation expense. This
control deficiency resulted in audit adjustments to stock-based compensation
expense for the year ended January 27, 2007. This control deficiency could
also result in a misstatement to compensation expense that would result in a
material misstatement to our annual or interim financial statements that would
not be prevented or detected. Accordingly, our management has determined that
this control deficiency constitutes a material weakness.
Our assessment of the effectiveness of our internal control over financial reporting as of January 27, 2007 has been audited by PricewaterhouseCoopers LLP, an independent registered public accounting firm, as stated in their report included in this Annual Report on Form 10-K. This excerpt taken from the MRVL 10-Q filed Jul 2, 2007. Controls
over stock-based compensation expense under FASB Statement of Financial Accounting
Standards No. 123 (revised 2004), “Share Based Payments” FAS 123(R). We
did not maintain effective controls over the accounting for and disclosure of
our stock-based compensation expense under FAS 123(R). Our controls, including monitoring controls,
policies and procedures relating to the accounting for and disclosure of
stock-based compensation were not effective.
Specifically, effective controls were not maintained to ensure the
existence, completeness, accuracy, valuation and presentation of our
stock-based compensation expense. This
control deficiency resulted in audit adjustments to stock-based compensation
expense for the year ended January 27, 2007.
This control deficiency could also result in a misstatement to
compensation expense that would result in a material misstatement to our annual
or interim financial statements that would not be prevented or detected. Accordingly, our management has determined
that this control deficiency constitutes a material weakness.
64 This excerpt taken from the MRVL 10-Q filed Jul 2, 2007. Controls
over stock-based compensation expense under FASB Statement of Financial
Accounting Standards No. 123 (revised 2004), “Share Based Payments” (“FAS
123(R)”). We did not maintain effective controls over the accounting
for and disclosure of our stock-based compensation expense under
FAS 123(R). Our controls, including
monitoring controls, policies and procedures relating to the accounting for and
disclosure of stock-based compensation were not effective. Specifically, effective controls were not
maintained to ensure the existence, completeness, accuracy, valuation and
presentation of our stock-based compensation expense. This control deficiency resulted in audit
adjustments to stock-based compensation expense for the year ended January 27,
2007. This control deficiency could also
result in a misstatement to compensation expense that would result in a
material misstatement to our annual or interim financial statements that would
not be prevented or detected.
Accordingly, our management has determined that this control deficiency
constitutes a material weakness.
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