Several prominent internal control breakdowns and increased focus on internal control by regulators, boards of directors and others charged with governance have led to increased demand for attestation reports
on controls over subject matter other than financial reporting provided by an independent CPA.
58 Additionally, GAGAS requires the practitioner's attestation report
to disclose any matters that are set forth in paragraph 6.
In the end, Grant Thornton delivered an attestation report
to management and the board, with an explanatory paragraph pointing out the internal control weakness acknowledged in the second assertion letter but no other qualifications (see the exhibit, this page).
Item 308(b) requires that the accounting firm's attestation report
be filed in the annual report.
74, unless the terms of the engagement specify an attestation report
under SSAE no.
PetroAlgae may also be required to include the attestation report
of its independent registered public accounting firm on its internal controls over financial reporting.
Management expects that this requirement under Section 404 of the Sarbanes-Oxley Act of 202 for the auditor's attestation report
would add a substantial amount to the Company's audit fee expense for this current fiscal year.
A written example of the attestation report
expected to be issued on the engagement; and
Thus, they may believe they should obtain an attestation report
from their auditors as support for assertions made in the management report.
Each party in the servicing function is required to provide (by no later than March 31, 2007) both an assessment report on its full compliance with Reg AB, and an attestation report
from a registered public accounting firm to concur with the servicer's compliance.
The Form 10-K also includes management's determination that the Company's internal controls over financial reporting pursuant to section 404 of the Sarbanes Oxley Act were effective as of December 31, 2005 and an attestation report
issued by its independent public accountants concurring with management's assessment.
The firm will audit the Company's financial statements for fiscal year 2006, provide an attestation report
on management's assessment of internal control over financial reporting and review the Company's unaudited interim financial information with respect to its Form 10-Q reports in fiscal 2006.
The Company's independent public accounting firm requires additional time to complete its audit procedures in order to provide NMHC with both its audit report and attestation report
on management's assessment of the Company's internal controls.
On May 5, 2005, the Company issued a press release in which it announced it had received a Nasdaq Staff Determination letter which indicated that "although the company filed its Form 10-K for the fiscal year ended December 31, 2004, the filing did not include management's assessment of its internal controls over financial reporting and the associated auditor attestation report
The amendment includes an update to Item 9A, "Controls and Procedures," to provide management's assessment and the related attestation report
of the Company's independent registered public accounting firm on internal control over financial reporting as required by Section 404 of the Sarbanes-Oxley Act of 2002.