internal control over financial reporting Grupo Simec & 3 Others

[ponzischemereporter]

Year over year Grupo Simec, Lifeway Foods Inc., Digital Turbine Inc, and CytoDyn Inc have all shown and now publicly disclosed material weaknesses in Internal control over financial reporting involving certain high-risk areas of their financial statement presentation. As discussed in the SEC orders, each of the four companies took months, or years, to remediate their material weaknesses after being contacted by the SEC staff. One of the companies is still in the process of remediating its material weaknesses.

“Adequate internal controls are the first line of defense in detecting and preventing material errors or fraud in financial reporting,” said SEC Chief Accountant Wesley Bricker. “When internal control deficiencies are left unaddressed, financial reporting quality can suffer.”

So please be aware of Lifeway Foods Inc, Grupo Simec, Digital Turbine Inc, and CytoDyn Inc.

[MIRKO]