Sarbanes-Oxley
Lease Accounting Over Fifth of Material Weaknesses
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Material weaknesses in internal control were disclosed by 58 companies during April. Lease accounting issues accounted for 22.5% of these. During March less than 10% of material weaknesses were due to lease accounting. The Securities and Exchange Commission (SEC) drew special attention to the issue during March. This might explain some of the spike in interest. Companies are saying that a letter sent by the SEC chief accountant to a professional group pushed the matter to the foreground. Restatements due to lease-accounting had prompted the letter in the first place. The figures above are from Compliance Week |
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