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Thursday, June 30, 2005

Computer Associates Discloses Sarbanes Shortfall

Computer Associates (CA:NYSE - commentary - research) disclosed late Monday that it has two material weaknesses in its internal control over financial reporting, as governed by the Sarbanes-Oxley law.
The company said late Wednesday that it included the items involved a deficiency in internal control over financial reporting relating to the restatement of its financial results and a deficiency in maintaining an effective control environment in its Europe, Middle East and Africa operation.

"Upon identifying these control deficiencies, we have acted swiftly and decisively to implement the changes necessary to correct the problems," said Chief Financial Officer Bob Davis. "We have made substantial progress and will work diligently over the coming months to complete the task."

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