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Acquirers also should require targets to make representations and warranties concerning internal controls, disclosure controls and procedures and other financial disclosure issues.
Businesses need reliable systems to support mandatory CEO and CFO certifications on disclosure controls and procedures and reporting on the effectiveness of internal controls.
As disclosed in its 2005 Annual Report on Form 10-K, (1) the Company concluded that its disclosure controls and procedures were not effective as of December 31, 2005, with respect to the recording, summarizing, processing and reporting, within the time frames specified by the Securities and Exchange Commission's rules and forms, of information required to be disclosed by the Company in the reports that it files or submits under the Securities Exchange Act of 1934 and (2) the Company did not maintain effective internal control over financial reporting as set forth in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organization of the Treadway Commission.
Based upon the evaluation of disclosure controls and procedures and the material weakness, the Company's Chief Executive Officer and Chief Financial Officer have concluded that the Company's disclosure controls and procedures were not effective as of December 31, 2004.
The October data also highlighted the sometimes confusing overlap between a company's disclosure controls and procedures, and its internal control over financial reporting.