Department of Redundancies Department

by Mr Juggles

Legalese always contains redundancies but the findings by IPG’s accountants in their recent restatment take this to a new level. The accountants listed 18 areas of weakness needing improvement including:

“1. The Company did not maintain an effective control environment.

18. The Company did not maintain effective controls over monitoring the performance of proper application of the Company’s internal controls over financial reporting and related policies and procedures.”

Keep in mind that these comments all appeared in the section devoted to the assessment and identification of weakness in controls.

In fairness to the flight attendants whom I maligned in my last post, accountants shouldn’t be considered professionals either. The section on controls is one big CYA move.

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