Thanks.
Because of the inherent limitations of internal control over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may not be prevented or detected on a timely basis. Also, projections of any evaluation of the effectiveness of the internal control over financial reporting to future periods are subject to the risk that the controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
February 28, 2011
from page 10...
The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act), which was signed into law and became effective on July 21, 2010, changed the scope of some services performed by the System. Among other things, the Dodd-Frank Act establishes a Bureau of Consumer Financial Protection (Bureau) as an independent bureau within the System that will have rule-writing authority with respect to most federal financial consumer protection statutes and supervisory authority with respect to these statutes over some institutions previously supervised by the Board. The Dodd- Frank Act will also vest the Board with all supervisory and rule-writing authority for savings and loan holding companies. In addition, the Dodd-Frank Act creates a Financial Stability Oversight Council (FSOC) of which the Chairman of the Board is a member. Some of the FSOC’s responsibilities include identifying systematicallyimportant nonbank financial companies to be supervised by the Board. The Dodd-Frank Act also establishes the Office of Financial Research (Office) within the U.S. Department of Treasury to provide support to the FSOC and the member agencies.
They sure propped up the puppet.
That first paragraph is standard CPA cya talk. CPA’s are pretty much required to put language like that in their audit reports.