MRVL » Topics » Remediation Plan of Fiscal 2008 Material Weakness

These excerpts taken from the MRVL 10-K filed Mar 28, 2008.

Remediation Plan of Fiscal 2008 Material Weakness

        We plan to implement further remedial actions related to the 2008 material weakness, specifically:

    We are conducting a search for a permanent Chief Financial Officer and General Counsel and, following completion of our recruitment of a permanent Chief Financial Officer, we are planning to conduct a search for a permanent Chief Operating Officer and a Vice President of Compliance. The Vice President of Compliance will report directly to the Audit Committee of the Board. The Board's Governance Committee is continuing its search for additional independent directors to fill existing vacancies, and an independent director will succeed Dr. Sutardja as Chairman of the Board.

    We also plan to further strengthen our controls over the monthly closing and financial reporting processes by continuing to hire additional personnel, including personnel with knowledge, experience and training in the application of U.S. generally accepted accounting principles commensurate with our financial reporting requirements. The hiring and retention of additional, qualified personnel is critical to the building of a finance organization with the depth and breadth of knowledge to support our planned operations. Additionally, we are evaluating our resource and automation requirements in related functions to adequately support the finance organization.

    We further plan to enhance communications through the design of formalized inter-departmental information exchanges on a recurring basis, and enhancements to the design of certain internal controls to enable a more detailed review process to occur on a timely basis.

Remediation Plan of Fiscal 2008 Material Weakness



        We plan to implement further remedial actions related to the 2008 material weakness, specifically:





    We
    are conducting a search for a permanent Chief Financial Officer and General Counsel and, following completion of our recruitment of a permanent Chief Financial Officer,
    we are planning to conduct a search for a permanent Chief Operating Officer and a Vice President of Compliance. The Vice President of Compliance will report directly to the Audit Committee of the
    Board. The Board's Governance Committee is continuing its search for additional independent directors to fill existing vacancies, and an independent director will succeed Dr. Sutardja as
    Chairman of the Board.


    We
    also plan to further strengthen our controls over the monthly closing and financial reporting processes by continuing to hire additional personnel, including personnel
    with knowledge, experience and training in the application of U.S. generally accepted accounting principles commensurate with our financial reporting requirements. The hiring and retention of
    additional, qualified personnel is critical to the building of a finance organization with the depth and breadth of knowledge to support our planned operations. Additionally, we are evaluating our
    resource and automation requirements in related functions to adequately support the finance organization.


    We
    further plan to enhance communications through the design of formalized inter-departmental information exchanges on a recurring basis, and enhancements to the design of
    certain internal controls to enable a more detailed review process to occur on a timely basis.





EXCERPTS ON THIS PAGE:

10-K (2 sections)
Mar 28, 2008
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