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Weaknesses in controls over financial reporting - Hudson Labs datasets

Internal controls over financial reporting (ICOFR) are the systems and processes to make sure that the financial statements are correct. Internal controls include really basic things like making sure that employees can’t easily move millions of dollars out of the company’s bank account into their own pockets and making sure the same person doesn’t review their own work.


A material weakness in ICOFR means there was a failure in the company’s systems or processes that could have resulted in a misstatement in their financial statements that an investor would care about. 


Any issues with internal control systems must be disclosed by management in their securities filings. Certain public issuers must also receive an audit of their ICOFR. In this case, the auditor must also notify investors of any weaknesses they identified. 


Hudson Labs’ uses proprietary AI models to identify and extract information about material weaknesses in ICOFR, disclosed by either management or the auditor. We provide automated, factual summaries of the core details and track remediation. To our knowledge, we are the only complete, real-time supplier of ICOFR outcomes in the U.S. market. 


Coverage universe: U.S. issuers filing a 10-K or 10-Q

Coverage initiation date: Jan 1, 2019


Screen for companies with unremediated control weaknesses


Find the control weaknesses screen on the "Ideas" page of the Hudson Labs platform.


Screen inclusion criteria: Companies that disclosed a material weakness or significant deficiency in ICOFR in a 10-K or 10-Q since Jan 1, 2023.




Data dictionary:

Display name

Definition

Control weakness summary

Summary of the disclosed details for the most recent unremediated weakness in ICOFR

Filing

The most recent filing that disclosed an unremediated weakness in ICOFR


Visit the company page for a comprehensive view of internal control weaknesses across multiple filings. 


Company page - Control weakness view


Find company-specific control weakness details on the "Red flags" section of the relevant company page of the Hudson Labs platform.



Notifications and summaries of control weaknesses via feed and email:


 

Access ICOFR data and more on the Hudson Labs platform.  Book a demo today.



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