- Use EDGAR to search for Tri-Valley Corporation (TVC) and Monarch Staffing Inc. Find TVC’s 10-K and Monarch’s 10-KSB for the year ended 12-31-06.
Answer :
Tri – Valley Corporation (TVC), 10-K Report, Year ended 12/31/2006.
http://www.sec.gov/Archives/edgar/data/22551/000002255107000009/tvc123106-10k.htm
Monarch Staffing Inc. 10-KBS Report, Year ended 12/31/2006.
http://www.sec.gov/Archives/edgar/data/1177326/000114037707000054/0001140377-07-000054-index.htm
2. Did either company report material weaknesses in ICFR? If so, what were the weaknesses?
Yes, Both companies reported material weaknesses in ICFR for the year ended 12-31-06. TVC reported deficiencies “related to controls over the accounting for complex transactions to Ensure such transactions are recorded as necessary to permit preparation of financial statements and Disclosures in accordance with generally accepted accounting principles. Such transactions included: TVC reported deficiencies “related to the control of the complex accounting for the transaction to ensure that transactions are recorded as necessary to permit preparation of financial statements and disclosure in accordance with accounting principles generally accepted. The transaction includes:
♣ Proved and unproved properties
- Loans guaranteed with restricted common stock, loans secured by restricted common stock,
- Deferred income taxes, deferred income taxes,
- Discontinued operations from the sale of our interest in Tri-Western Resources, and Stop operation from the sale of our interest in Tri-West, and
- Share-based payment arrangements, “Share-based payment arrangements”Monarch Staffing deficiencies reported as follows: Monarch Staffing shortages
reported as follows:
“We did not maintain a sufficient complement of personnel with an appropriate level of accounting knowledge, experience, and training in the application of U.S. generally accepted accounting principles commensurate with our existing financial reporting requirements and the requirements we face as a public company. “We do not maintain a sufficient complement of personnel with the appropriate level of accounting knowledge, experience and training in the application of U.S. accounting principles generally accepted requirements commensurate with the existing financial reporting and the requirements we face as a public company. Accordingly, management has concluded that this control deficiency constitutes a material weakness, and that it contributed to the following material weakness. Therefore, management has concluded that this control deficiency is a material weakness, and that contributed to the following material weaknesses.
We did not maintain effective controls with respect to reviewing and authorizing related party transactions. We did not maintain effective controls in relation to the review and authorization of related-party transactions. Specifically, our control procedures did not prevent the Company from making payments on behalf of other related parties. Accordingly, management has concluded that this control deficiency constitutes a material weakness. “Particularly, our monitoring procedures did not prevent the Company made payments on behalf of related parties other. Therefore, management has concluded that this control deficiency is a material weakness. ”
Source :
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