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BILL FIXING CONTROLS WEAKNESS Featured

 Bill, formerly known as Bill.com, is working to fix weaknesses in internal controls found by auditor Ernst & Young in a routine audit review in April. The payments company said there is a material weakness but that it does not impact any of the company’s financial statements.

E&Y concluded there was insufficient documentation and evidence retained for Sarbanes-Oxley compliance purposes. As a results, Bill found “it had a material weakness in internal control over financial reporting related to information systems and applications within the quote-to-cash process as of June 30, 2022.” The company will file an amendment to its 10-K form for 2022 to revise its management report about this area. It will also amend 10-Q’s for last year’s third and fourth quarter. Bill said because of the material weaknesses, “the Company’s disclosure controls and procedures were not effective at a reasonable assurance level as of June 30, 2022, September 30, 2022, December 31, 2022, and March 31, 2023.”

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