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3 Financial Reporting Areas Prone to Material Weaknesses

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It’s been just over a decade since the Sarbanes-Oxley Act was introduced, but insufficiencies in internal controls over financial reporting are still common. Last year, the SEC received a total of 1,814 amended 10-K filings and 3,019 amended 10-Q filings, suggesting a relatively high error rate.

A study released last year reported the top three areas in financial reporting that are vulnerable to material weaknesses: Income taxes, revenue recognition and liability and accrual estimations. In this list, learn why these areas can be problematic, and how companies can tighten internal controls to help minimize the risk of misstatements.

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