SEOUL _ South Korea's financial watchdog warned companies Monday to bolster internal control systems and vowed widespread inquiries after Daewoo Securities Co . revealed that one of its traders had hacked into its systems and used a client's account to buy almost 25.8 billion won ( $ 21.4 million ) of shares over the Internet.
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SEOUL _ South Korea's financial watchdog warned companies Monday to bolster internal control systems and vowed widespread inquiries after Daewoo Securities Co . revealed that one of its traders had hacked into its systems and used a client's account to buy almost 25 . 8 billion won ( $ 21 . 4 million ) of shares over the Internet.
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A Single Audit encompasses an examination of a recipient s financial records, financial statements, federal award transactions and expenditures, the general management of its operations, internal control systems, and federal assistance it received during the audit period ( the time period of recipient operations examined in the Single Audit, which is usually covers a natural or fiscal year ).
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The objective of Section 404 is to provide meaningful disclosure to investors about the effectiveness of a company s internal controls systems, without creating unnecessary compliance burdens or wasting shareholder resources . Based on the 2007 guidance, SEC and PCAOB directed a significant reduction in costs associated with SOX 404 compliance, by focusing efforts on higher-risk areas and reducing efforts in lower-risk areas.
