|
|
 | | | |
- close
- close
- close
- close
This excerpt taken from the VSNT 10-K filed May 12, 2005. Subsequent Events
(ii) During the fiscal quarter ended January 31, 2005, the Company took the following actions that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting:
• The Company recently hired a new Director of Finance and Corporate Controller to expand its internal finance and accounting staff and increase its internal accounting expertise.
• The Company has established a formal disclosure committee comprised of one audit committee member and senior management to assist the Company on resolving issues regarding proper disclosure over financial reporting.
• The Company revised its quarter-end closing process to strengthen its close cycle and to improve its quarter-end cut off as well as its accrual process. The Company will implement these new procedures in its fiscal quarter ended April 30, 2005.
6
• The Company revised its consolidation process for the three months ended January 31, 2005 and will implement a standard closing and reporting package for all of its subsidiaries during the quarter ending April 30, 2005.
• The Company plans to review both its domestic and international revenue recognition process during the quarter ending April 30, 2005.
• The Company has also added an SEC analyst to its staff and plans to add an additional staff with strong technical accounting skills by the end of the current fiscal year to be able to support the Company’s Sarbanes-Oxley Section 404 implementation.
• The Company has subscribed to an accounting research service and currently conducts reviews and research on all new and relevant existing accounting and SEC pronouncements.
• The Company is in the process of reorganizing its accounting and finance operation and has put more emphasis on proper disclosures and improving its internal controls.
The certifications of Versant’s chief executive officer and chief financial officer attached as Exhibits 31.1 and 31.2 to this Annual Report on Form 10-K as amended include, in paragraph 4 of such certifications, information concerning Versant’s disclosure controls and procedures and internal control over financial reporting. Such certifications should be read in conjunction with the information contained in this Item 9A for a more complete understanding of the matters covered by such certifications.
This excerpt taken from the VSNT 10-Q filed May 12, 2005. Subsequent Events
The following information describes certain changes in our internal control over financial reporting taken subsequent to the close of our third quarter of fiscal 2004 that have materially effected or are reasonably likely to materially effect, our internal control over financial reporting.
During the fiscal quarter ended October 31, 2004, we made the following changes in the Company’s internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting:
• We simplified our subsidiary structure in Europe and reduced the number of subsidiaries we will need to consolidate in fiscal 2005.
• We made changes in our accounting personnel and launched a search for a new Director of Finance / Corporate Controller.
• We re-organized responsibilities within our accounting organization to provide a stronger focus on our SEC reporting and to increase the total internal person-hours dedicated to the SEC reporting process.
• We increased employee training on SEC reporting requirements and subscribed to an accounting research service in an effort to keep more current with accounting pronouncements and financial reporting matters.
During the quarter ended January 31, 2005, the Company took the following actions that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting:
• The Company recently hired a new Director of Finance and Corporate Controller to expand its internal finance and accounting staff and increase its internal accounting expertise.
• The Company has established a formal disclosure committee comprised of one audit committee member and senior management to assist the Company on resolving issues regarding proper disclosure over financial reporting.
• The Company revised its quarter-end closing process to strengthen its close cycle and to improve its quarter-end cut off as well as its accrual process. The Company will implement these new procedures in its fiscal quarter ended April 30, 2005.
• The Company revised its consolidation process for the three months ended January 31, 2005 and will implement a standard closing and reporting package for all of its subsidiaries during the quarter ending April 30, 2005.
• The Company plans to review both its domestic and international revenue recognition process during the quarter ending April 30, 2005.
• The Company has also added an SEC analyst to its staff and plans to add an additional staff with strong technical accounting skills by the end of the current fiscal year to be able to support the Company’s Sarbanes-Oxley Section 404 implementation.
• The Company has subscribed to an accounting research service and currently conducts reviews and research on all new and relevant existing accounting and SEC pronouncements.
3
• The Company is in the process of reorganizing its accounting and finance operation and has put more emphasis on proper disclosures and improving its internal controls.
The following tasks represent what the Company currently believes to be the most significant remaining actions necessary to address existing material weaknesses in the Company’s controls, as well as actions it has taken to date to pursue these actions:
• This excerpt taken from the VSNT 10-Q filed May 12, 2005. Subsequent Events
The following information describes certain changes in our internal control over financial reporting taken subsequent to the close of our second quarter of fiscal 2004 that have materially effected or are reasonably likely to materially effect, our internal control over financial reporting.
During the fiscal quarter ended October 31, 2004, we made the following changes in the Company’s internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting:
• We simplified our subsidiary structure in Europe and reduced the number of subsidiaries we will need to consolidate in fiscal 2005.
• We made changes in our accounting personnel and launched a search for a new Director of Finance / Corporate Controller.
• We re-organized responsibilities within our accounting organization to provide a stronger focus on our SEC reporting and to increase the total internal person-hours dedicated to the SEC reporting process.
• We increased employee training on SEC reporting requirements and subscribed to an accounting research service in an effort to keep more current with accounting pronouncements and financial reporting matters.
During the quarter ended January 31, 2005, the Company took the following actions that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting:
• The Company recently hired a new Director of Finance and Corporate Controller to expand its internal finance and accounting staff and increase its internal accounting expertise.
• The Company has established a formal disclosure committee comprised of one audit committee member and senior management to assist the Company on resolving issues regarding proper disclosure over financial reporting.
• The Company revised its quarter-end closing process to strengthen its close cycle and to improve its quarter-end cut off as well as its accrual process. The Company will implement these new procedures in its fiscal quarter ended April 30, 2005.
• The Company revised its consolidation process for the three months ended January 31, 2005 and will implement a standard closing and reporting package for all of its subsidiaries during the quarter ending April 30, 2005.
• The Company plans to review both its domestic and international revenue recognition process during the quarter ending April 30, 2005.
• The Company has also added an SEC analyst to its staff and plans to add an additional staff with strong technical accounting skills by the end of the current fiscal year to be able to support the Company’s Sarbanes-Oxley Section 404 implementation.
• The Company has subscribed to an accounting research service and currently conducts reviews
5
and research on all new and relevant existing accounting and SEC pronouncements.
• The Company is in the process of reorganizing its accounting and finance operation and has put more emphasis on proper disclosures and improving its internal controls.
The following tasks represent what the Company currently believes to be the most significant remaining actions necessary to address existing material weaknesses in the Company’s controls, as well as actions it has taken to date to pursue these actions:
• | EXCERPTS ON THIS PAGE:
|
| |||||||
